We have seen a large increase in interest in property transactions which, coupled with COVID-19 restrictions and lockdowns it is greatly impacting on the amount of time it is taking for us to receive mortgage offers, surveys/valuations, responses to enquiries and search results. We are seeing transactions take anywhere between 3-5 months (although each transaction will vary).
Please note that property transactions are taking longer to complete and for the reasons set out above it may not be possible to complete your transaction by 31 March 2021.
We will take all reasonable steps to progress matters for our clients and to provide them with our usual high level of service however, despite our best efforts please be aware that due to factors outside of our control your property purchase may not complete by 31 March 2021. .
As a result if you are purchasing a property we highly recommend that you plan and ensure you are in a position to pay SDLT at the standard rate (without the reduction) in the event that your matter does not complete by 31 March 2021.
You can access the SDLT calculator using the link https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
The SDLT reduction is something that is more relevant to a buyer who has to pay SDLT. However your buyer’s interest could be dependent on taking advantage of the SDLT reduction.