THE big question…..will stamp duty be extended?
February 3rd, 2021
The $64,000 question….will it be extended?
The golden question at the minute; will the stamp duty deadline be extended or not?
I watched the online debate with many MPs wall putting forward their views and thoughts, but we are still none the wiser. Part of me welcomes an extension to the stamp duty deadline; the market has boomed, and it has been good. But the other part of me thinks that there needs to be an end to this as the government collects a lot of taxes from Stamp Duty and is this sustainable?
There were comments from many MPs for a full extension for six months, partial extension for transactions that are already going through the legal process and no extension at all. Whilst I would love to see another full extension to help the market, I feel the fair and balanced view is to see a partial extension to alleviate the stress of the 31st of March.
A secondary conversation is…..do we scrap stamp duty altogether for a new system?
As we are 8 weeks away from the deadline, I am still hearing various conversations that sellers and buyers are trying to hit the deadline……please be warned that if you are just now selling/buying there is a very, very slim chance that you will be able to make this date.
There are so many ducks that need to get in a row, and that does not consider that Solicitors and Conveyancers are already stretched, and some are quoting the average time from sale to completion is approximately four months.
Also, please consider your removals…..there will be so many transactions going ahead that removals and van/truck rental is going to be at bursting point towards the end of March.
Something I say to all my sellers and buyers when trying to fix deadlines at an early point of any transactions is please have a plan B, whatever that may be. We are never in control of this process so please do not put all your eggs in one basket and hang your next move on hitting the 31st of March. By all means, try and make that date, but it will not be fair be screaming and shouting down the phone and Solicitors, Conveyancers and Estate Agents if this date is not hit……in most circumstances it will be beyond anyone’s control and sadly another problem caused the pandemic. We are all in this together; you want to get moved and people in the industry want to get paid and many will work on a no sale, no fee basis so lose out if the sale falls through.
Let’s hope for a good suggestion from the Government on the impending stamp duty situation but in the meantime, please be thinking of your plan B now, just in case something comes up and the 31st of March becomes not possible for you.
If you need any further help or advice, please give me a call on 07595 473891