Following the recent budget the Chancellor announced that the stamp duty holiday that was due to end on the 31st March has been extended to 30th June 2021. Without this extension there was a risk that thousands of transactions that would not have met the March deadline through no fault of either the sellers or the purchasers.
The current COV-ID environment has caused additional pressures not only on the conveyancing process but also delays in building new properties. Social distancing, self-isolating and disruption to supply chains have all had an impact.
This move will enable tens of thousands of transactions to complete and for people to take advantage of the stamp duty holiday.
The stamp duty holiday extension means that no stamp duty is payable on properties up to a value of £500,000.
A problem facing the Chancellor was that a simple extension would have simply pushed the current issues out from March to June, so to assist in smoothing the transition back to the pre-COV-ID rates the nil rate band on which no duty is payable has been increased to £250,000 until the end of September. It will return to £125,000 on 1st October 2021.
Cathy Wahlberg, Director and Head of Property at Alsters Kelley Solicitors Ltd said, ‘The extension will come as a big relief to many purchasers who were getting very concerned about whether their transactions would complete before the deadline.
She continues, ‘The conveyancing team at Alsters Kelley fully understand how important the stamp duty savings are to their clients and will continue to specifically focus on those transactions where the benefit of the stamp duty savings can be made. We will be working extremely hard to get as many transactions completed before the new deadline with a particular focus on transactions in the £250,000 – £500,000 bracket. Clients who were not expecting to benefit may now do so, which is a great bonus for them too’.
If you thinking about moving and would like a quote for the Conveyancing then please visit our website www.alsterskelley.com where you will be able to obtain an instant, no hidden fees quote.
Please click here for your instant conveyancing quote.
Catherine Wahlberg
Managing Director
Catherine heads up the residential conveyancing teams across the offices and is also responsible for managing the business issues of the practice and developing and implementing the firm’s strategy.
01926 356000
catherine.wahlberg@alsterskelley.com