Stamp Duty Changes – Did we have some?
As we have all seen in the press this last year has seen some major stamp duty changes which have, in turn, had a significant impact on those of us in conveyancing.
We started the year on the basis that the Stamp Duty threshold would be reducing from the highest that we have seen in at least 20 years, from £500,000 back to the standard level of Stamp Duty starting at £125,000 in March of this year. This meant that the majority of conveyancing matters would have needed to complete by the end of March 2021 for the buyers to benefit from the Stamp Duty holiday.
However, as the more keen-eyed of us will recall, the Chancellor changed his mind in March and extended the Stamp Duty holiday until the end of June for properties valued up to £500,000 in the April Budget.
It was also here that some misunderstandings ensued, as the Chancellor had actually extended the Stamp Duty holiday for properties up to the value of £250,000 until the end of September, but this had not been made clear in the media. Therefore, clients were becoming concerned that they would not benefit from the Stamp Duty holiday if they did not complete purchases of properties valued between £125,000 and £250,000 by the end of June.
The changes to the Stamp Duty thresholds meant that an unprecedented number of transactions were taking place across the profession and coincidentally meant a backlog on mortgage offers being issued and search results being returned, especially with the added complication of COVID-19 and the need for social distancing.
All the conveyancers within Tollers, along with their teams, stepped up to the plate and took on the challenge of the Stamp Duty changes as they took place.
Whilst there were some difficulties in searches being delayed and mortgage offers coming in later than expected Tollers conveyancing solicitors rose to the occasion and dealt with the challenges that came their way to ensure clients could move when they wanted to.
Tollers are now looking forward to the Autumn Budget and any changes to Stamp Duty that may be made, but are hoping that after this last twelve months, the Chancellor may leave any future changes to the Stamp Duty to next year at least.
Our residential property solicitors based in our main offices of Northampton, Corby, Stevenage have been helping clients across the East Midlands, the United Kingdom and internationally with all of their property matters. If you have a property query and would like to chat with a member of our conveyancing team…Talk to Tollers on 01604 258558 or make an online enquiry here.