Completing before Stamp Duty deadline - anything we can do??

[KimmySchmidty]

Hi there,
I posted on another thread but I didn't want to derail it completely and wanted to see if anyone else had experience/suggestions 😊
I have sold my property to the local authority and have had an offer accepted on a new place. Is there anything I can do to ensure the transaction takes place before the stamp duty deadline? I know there could be some potential hold ups on my side but I can't see there being any issues with my sale. I'm more concerned about the vendors being able to complete in time, is there anything I can do here? Can I ask the vendors if they would be willing to move into rented? The estate agent mentioned this a while ago but now is suggesting timing won't be a problem, vendors are looking for property now they have our offer. I can't help be suspicious though as I know everything is taking longer during covid. I wondered if there's anything that can be done to help encourage the vendors along a bit?
Please also tell me if I'm worrying for no reason, I feel a bit helpless 🙄

If you haven't exchanged then you could put a price adjustment clause in the contract to say that if you haven't completed by the deadline then the price is dropped. Your vendors may or may not accept it though.

it is maddening but there is nothing that you can do. If the vendors only just started looking they could be a while. Moving into rental means two moves and a minimum six month contract, most people don't want to do that.

unless it looks as if they will lose their buyer - it depends if they feel that they could easily find another. The other issue is Christmas - it is a Friday this year, good luck getting solicitors who will be working that week.

Frankly this isn't their problem, and they may not be that bothered. Sorry, as I realise that this could cost you a lot of money.

Unfortunately there is nothing you can do except keep completely on top of correspondence and reply immediately to everything to try to push things along.

It's mainly the searches that are holding everything up - we are selling a house at the moment and our buyers said there is a 30 working day wait for some searches at the moment.

I would be very surprised indeed if your vendors completed by the end of March on anything but a brand new build from a developer or possibly an empty property with very motivated sellers.

Thanks all - not overly positive, is it? We will try our best to push things along but it seems like we'll have to accept that we might lose money on fees if things don't happen on time and we decide not to proceed.

Thanks all - appreciate it