To many, the end of March 2021 seems like an eternity away. But, for those involved in the conveyancing process, it’s a date that will loom incredibly quickly.
The 31 March 2021 sees the end of the Stamp Duty Land Tax (SDLT) holiday. The Government initiative provides up to a £15,000 saving when buying a new house.
We have certainly seen the effects that the incentive scheme has had, with instructions from property buyers coming in faster than pre-pandemic levels.
And this makes us all the more aware of the March 2021 deadline. Conveyancing takes time. It’s a lengthy legal process of toing and froing between solicitors and estate agents. It is inevitable that come towards the end of March, there will be a rush on to complete as many purchases as possible to maximise the savings for our clients.
We’re putting the planning in place now to ensure that we can meet the demand. But we also want manage the expectations of our clients too.
We estimate that the conveyancing process can take on average between 8 and 12 weeks. But that isn’t without exception. Sometimes a transaction can be so simple that it can breeze through in a few weeks. Other times, we can be thrown a curve-ball and there could be hold ups in the process that can ultimately cause progression of a matter to be delayed months. This is inherent of the conveyancing process, we don’t really know what is going to crop up until we start digging.
Finding a new home
Aside from the obvious time to complete the conveyancing transaction, there are other factors to mention for those looking to take advantage of the Stamp Duty holiday.
First of all, you have to find the right house. Estate agency search tools like Rightmove and Zoopla make shortlisting a property easier, but you should still factor in time to book viewings, surveys and negotiations. If you’ve shortlisted a few properties, then getting around those viewings could take a number of weeks.
Possibly more important could be marketing and selling your current home. Finding a buyer takes time too. There is hope for sellers in South Yorkshire, the general consensus is that demand is high. As such, achieving your asking price and agreeing a sale quickly shouldn’t be a problem. With that said, you shouldn’t be complacent. Even signing up with an agent, taking videos of a property and arranging virtual viewings will all eat into the time you have to meet the March deadline.
It should be expected that mortgage advisers and lenders could be working differently too, so they may not be as efficient. These are all things to bear in mind.
Business as usual
Here at Wosskow Brown, we adapted swiftly to a change in working conditions. Our systems allow us to carry on working, whether that is in the office or from home. We can remain connected wherever we are.
You can rest assured that even if we ended up with further lockdown measures, our conveyancing team will be able to carry on. We have invested in protective equipment for our offices, and we allow our staff the freedom to work from home too.
How much does conveyancing cost?
We are proud to offer fixed fee quotations, so you know exactly where you stand with us right from the beginning. You can see our charges for yourself here, on our quote calculator. You don’t even have to enter any personal detail.
Alternatively, feel free to give our Client Care team a call on 0114 2300 151. They will be happy to talk through any questions you may have.
If you are thinking of moving or buying a property, our advice is don’t delay. We will do all we can to ensure you can complete your purchase by the 31 March 2021 and to take advantage of the Stamp Duty holiday. Buying a property is stressful enough, let alone with a deadline for a potential huge saving looming. Please don’t leave it to the last minute.