Window for stamp duty savings is closing fast

November 25, 2020

A conveyancing solicitor at a leading Cheshire law firm has warned prospective house movers to get their instructions in now if they hope to take advantage of the stamp duty holiday.

With the average house move taking up to ten weeks, the opportunity to take advantage of the stamp duty holiday when buying a house is beginning to slip away.

The relief on stamp duty in England, or Land Transaction Tax in Wales, is due to end on Wednesday 31 March 2021.

With the huge financial benefits for people Chris Illingworth, conveyancing solicitor at Watsons Solicitors, believes prospective buyers should get the ball rolling now in order to avoid risking missing out.

Chris said: “To have the very best chance to move while the stamp duty holiday is there, then people need to get started now.

“You want a property found and solicitor instructed as soon as possible, or you’re really going to be pushing it to have it done before the end of March.”

Some in the industry have raised the possibility of an extension. However there has been no hint from Government that there will be. As a result, if there are any last-minute holdups, a transaction put through on 31 March will have one rate of tax, and those put through on 1 April another.

Chris added: “As a result of this cliff edge, there’s so much pressure on the system: for buyers, the solicitors, the removal companies and everyone else involved to try and hit an arbitrary date.

“We would all like it to be extended, but we just don’t know what the future holds, so as an industry we’re focusing on what we currently know rather than what we hope it might change into.”

Watsons Solicitors, which has been established for more than 60 years, specialises in family law, employment law, wills and probate, personal injury and conveyancing.

The team of experienced solicitors each hold various accreditations and memberships of professional bodies relevant to their expertise, while the firm’s partners oversee all areas of work.

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