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Looks like we'll be paying stamp duty. Anyone else?(7 Posts)
Our house sold in mid February and we were keen to take advantage of the no stamp duty offer. However, here we are in June and we haven't even signed contracts yet. There are 6 in the chain, not really sure if that's an average number or not. Solicitors are all doing their thing (not sure if that's much though a lot of the time). I know that after the end of June, it goes to a reduced rate until September but we were really hoping to save ourselves up to £10k. Anyone else in a similar position?
That’s frustrating. My only advice would be to keep on at the solicitors and make sure they’re moving as quickly as possible.
You must be buying a pretty expensive house to be saving £10k on SD!
After 1/7/21 the SD does increase, but it's still reduced until October.
@MrsFin well at £400k, it's expensive to us but in my local area I don't think it would be considered so. It's just an average sized, 60s, 3 bed semi. But even so, the stamp duty would still be £10k, ordinarily. But as you say, there will still be some reduction.
@HTruffle yes, definitely!
Property lawyer here. I'm sorry that you may miss the June deadline.
However, please don't "keep on at your solicitor".
We are all working flat out and constant interruptions from clients "keeping on at us" , not to mention the endless requests for updates from estate agents, is actively slowing the process right now.
I have worked over 70 hours this week. I emailed six solicitors before 9.30 this morning (Sunday) and four of them replied within 20 minutes.
We are doing our best and much of it is outside our control.
The only advice I can give you is to send one email asking if there is anything you can do to help the process, then let your solicitor be and be contactable at all times.
Good luck - genuinely.
@redspook. I understand. To be fair, we have a good solicitor who has even been doing work for us today, on a Sunday. So no complaints on service. She's very good, I'm just not sure about everyone else's in the chain.
I don't think the solicitors could do anymore. It possibly hasn't helped that one of the properties in the chain was a repossession as the people had gone bankrupt. Might have slowed things a bit.
You are probably right about the repossession having an effect . Some lawyers acting on repossessions are fine, but others don't seem to appreciate that there are people involved and not just money.
I'll keep my fingers crossed for you.