The Chancellor of the Exchequer, Rishi Sunak, announced in his Budget Statement on 3rd March 2021 that the Stamp Duty Holiday, which was due to end on 31st March 2021, will be extended until the end of June 2021. Furthermore, in an unexpected twist, Rishi Sunak also announced that no Stamp Duty will be charged on the first £250,000 of a property purchase between 1st July and 30th September 2021.
The extension of the stamp duty holiday is welcomed news for people buying and selling homes with potential significant savings to be made. It will also reduce the risk of chains collapsing and transactions falling through on existing matters which would have resulted in a huge amount of money lost for all parties involved, now there is more time to complete on these conveyancing cases.
Rishi Sunak also stated that due to deposits being another barrier for people trying to get on the property ladder, the government will be offering a ‘mortgage guarantee’ meaning people who can only afford a 5% deposit may have the option of government guarantee on those mortgages. Some of the biggest lenders will be offering 95% mortgages from April and more will follow after that. This will enable people who don’t have a large deposit, to purchase their own home.
Following these updates, the conveyancing sector is set to continue to be hectic for a little while longer which is positive news for the property industry as a whole, however stressful for the conveyancers and support staff on the ground working on the cases. If you work in conveyancing and are looking for ways to ease the pressure the extended stamp duty holiday will bring, please get in touch with a friendly member of PALI and we will present you with options not only on how we can assist you with our speedy Search Service but how our ‘Seamless Data-Flow’ technology can streamline your processes and relieve the stressful conveyancing burdens you currently face. All clients who have adopted the PALI Smart quote as their main quoting method, can rest assured whatever changes take place, our SDLT Calculator will always be updated in the quickest time possible ensuring that’s one less thing for you to worry about. This applies to both the ‘back office’ system conveyancers and support staff use and the web plugin where members of the public generate quotations themselves.
For more information on the services PALI offers, please get in touch on 0800 023 5030 / firstname.lastname@example.org.