Stamp Duty Holiday Deadline

Melaniepr · 2021-05-12T21:01:51+00:00

For everyone racing towards the stamp duty holiday deadline, this petition is trying to get the trigger changed from completion to exchange of contract which may help if your new build is delayed or if your lender takes a few extra days to release funds. I know that for many the stamp duty holiday has caused more grief than relief, same for us, but maybe this could help some of you save some money. [[https://petition.parliament.uk/petitions/581308]] Mel

JaffacakeJanine · 12/05/2021 22:23

Thanks, signed!

Changingwiththetimes · 12/05/2021 22:50

I've always thought this, especially when the second lockdown caused delays to those who thought they would comfortably complete by the March deadline.

DblEspresso · 12/05/2021 23:23

Is there a petition to stop any more fiddling with the deadline?
Last one like this has already caused the market to go crazy

Andthenanothercupoftea · 13/05/2021 06:39

Wouldn't this just move the cliff edge?

Also exchange and completion can happen on the same day (not ideal but worth the hassle to avoid ££ in tax?) so unless it is a new build there's no need to do this.

Seems like an added complication that would benefit very few people in very specific circumstances.

The June deadline was meant to help those who were going to miss March and anyone who started buying a house before the June extension was announced must've factored in stamp duty costs.

Also it has been tapered until September (I'm working towards the September deadline, but have budgeted for paying the full whack due to unexpected delays).

No one likes paying tax and SDLT is problematic for many reasons but the holiday was never going to last forever. People who are treating it as anything other than a bonus they've over-budgeted for shouldn't be complaining.

MinnieMountain · 13/05/2021 06:48

I’m with @DblEspresso.

Roselilly36 · 13/05/2021 06:55

Signed. Good luck with your moves. We moved in Feb, very stressful but we got there and you will too.

Original poster

Melaniepr · 13/05/2021 06:55

After exchanging contracts it can often take lenders a week to release funds in which case some people would miss the deadline just by a few days. This is for people in these types of scenarios where things are just delayed by a few days between exchange and completion. You are fully committed to buying the property at the time you exchange but have no influence on lender delays or developer delays.

OP posts:

Original poster

Melaniepr · 13/05/2021 07:02

Roselilly36 thank you! I’m glad to hear your move is completed! This is so stressful. The deadline has made the market go crazy, but we have to move due to work and there are near to no rental properties either

OP posts:

Andthenanothercupoftea · 13/05/2021 07:10

I exchanged and completed on the same day when I bought this place.

If you exchange without sufficient funds for a known risk, on your head be it.

What about people who miss the exchange deadline by a few days due to a postal delay or a typo in a contract? Or those who bought just before the holiday way announced?

Seems unnecessary.

MinnieMountain · 13/05/2021 07:44

If you’re set on a particular day, your conveyancer can request funds in advance of exchange to give the lender the necessary time. It’s perfectly doable with proper planning.

Developer delays I agree is a different thing but that won’t really affect many people.

hopefully2021 · 13/05/2021 08:55

signed!

UpTheJunktion · 13/05/2021 09:05

Our solicitor insisted in a completion date a few days ahead of the original deadline to allow for any delay in funds coming through. But the EA said that in many years in the trade he had only come across one or two cases where completion was delayed by a day because of bank transfer failure.

Fingers crossed for you, OP, I always thought it should be Exchange anyway. It is SO stressful.

Removal companies will be hard to find, too, with everyone rushing to complete in the same two weeks.

Cybercynic · 13/05/2021 10:10

I think we desperately need a petition for the government to stop meddling in the property market by repeatedly stoking up demand. This when the property market remains buoyant and the beneficiaries remain the asset rich homeowners for most part.

These are unbelievable times: Worst recession in 300 years, record unemployment and govt debt and yet the govt is hell bent on stoking up an already overheated property market by repeated interventions. The govt has created a 2 tiered society with rich homeowners who bought years ago and the new buyers who have no chances of getting on the property ladder due to rising prices and stagnant wages. Utter madness.

Alonim · 13/05/2021 11:09

What Cybercynic just said. I'm not signing a petition to extend stamp duty holiday - sorry.

readytosell · 13/05/2021 11:24

Sorry, but no. It was well publicised what the date was well in advance and the circumstances it would be triggered. You can't just keep pushing it back and forth because a few people will lose out.

Changingwiththetimes · 13/05/2021 11:39

No way am I risking exchange and completion on the same day. Fine for investment or empty properties, but I need time to organise movers and pack up my large house, and nothing is certain until those contracts are exchanged - packing up a house to have it then collapse at the last minute? No thank you.
I planned my move two years ago. I also am not assuming I will make the stamp duty deadline (even though the reason I may miss it is the sellers fault, not mine) - I have the funds if need be. But I sure would like the £15k to go towards improvements if possible - I will be spending the money in employment and purchasing goods, that improves the economy too.
I don't believe the stamp duty holiday has been the main cause of the current boom - pent up demand, WFH, extra saving people have from not going on holiday for two years...all these have contributed. The stamp duty saving may have tipped the balance if people were on the fence about moving.
But the government was disingenuous if they didn't realise that the extra pressure from increased activity coupled with many councils on reduced staffing levels and conveyancers on wfh order would not mean a hold up in the process at several points. They probably should have done the extension only for those who have exchanged by March 31, but they didn't.

UpTheJunktion · 13/05/2021 11:44

To be fair this extension was to give a margin for those for whom the January lockdown created delays, rather than for new buyers who were never going to make the March deadline.

The problem is they made it 3 months which made lots of people think it worth a shot.

stuckinaditch · 13/05/2021 12:45

Agree with @Cybercynic.

The stamp duty holiday should never have been introduced in the first place. It was designed to stoke up a market which didn't need stoking.

'To be fair this extension was to give a margin for those for whom the January lockdown created delays, rather than for new buyers who were never going to make the March deadline.'
If this was really the case they could have extended for 4-6 weeks not 3 months.

MinnieMountain · 13/05/2021 13:46

How did the January lockdown create delays? Everyone was well set up for WFH by then (or should have been).

We (conveyancing firm) have been working at full pelt since June.

FakeFruitShoot · 13/05/2021 14:28

@MinnieMountain my conveyancer was forced to reduce his hours for childcare reasons when the January school closure was announced.

Was there no one on your team who was juggling childcare, home schooling and work?

TeeBee · 13/05/2021 14:37

@Cybercynic

I think we desperately need a petition for the government to stop meddling in the property market by repeatedly stoking up demand. This when the property market remains buoyant and the beneficiaries remain the asset rich homeowners for most part.

These are unbelievable times: Worst recession in 300 years, record unemployment and govt debt and yet the govt is hell bent on stoking up an already overheated property market by repeated interventions. The govt has created a 2 tiered society with rich homeowners who bought years ago and the new buyers who have no chances of getting on the property ladder due to rising prices and stagnant wages. Utter madness.

Hear hear! I just want it all to end so I can house hunt sensibly.

WorriedMutha · 13/05/2021 14:38

I'm blowed if I'll be signing a petition for a ridiculous sd extension to stoke up another prolonged spell of over inflated asking prices skewing the market. Have any of the proponents of this petition bothered to read any of the other threads in this topic.

MNHQ

LilyMumsnet · 13/05/2021 14:43

Hi all

We're just moving this thread over to our petitions topic.

UpTheJunktion · 13/05/2021 22:54

@MinnieMountain

How did the January lockdown create delays? Everyone was well set up for WFH by then (or should have been).

We (conveyancing firm) have been working at full pelt since June.

For example:

Surveyor that was due to survey our house caught COVID. The backlog for surveys meant it took ages to re-arrange.

My vendor caught COVID. The damp company couldn’t go in. Then just as he was recovering and finished isolating his Dd went down with it.

Searches were taking 8 weeks: reason cited: councils and other agencies working from home, homeschooling etc.