Gutted - stamp duty

[MrsJocelyn]

Found the perfect house and made an offer, on the condition that they would vacate before the end of March. The seller accepted our offer but won't guarantee to be out before the stamp duty holiday ends. We can't afford it after March. ☹️ Gutted and don't know what to do.

It will cost you £15k more, as that is the maximum saving, but it still a substantial amount.
In previous covid times I have had experiences of being a cash buyer, clean survey, seller in a hurry and it still taking four months! But also way back when you could get personal searches done, I went from viewing to exchange (with a mortgage) within a week.
There is no way the sellers can guarantee anything, but can you guarantee to them that you would be in a position to complete? The onus is on you. All you can ask if they can move out by the deadline. And the most i would expect is to split the cost IF it is THEIR fault you could not complete by the deadline- and also what will you give them if they incur costs and you pull out because you can't complete in time? Works both ways.

I really think the SD deadline should be extended, there has to be done common sense, even if just from a logistics perspective. I'd say if your house is under offer now, then you should be given an extension to complete with no stamp duty. How will it work with removals firms etc, and I think it's Easter weekend as well. It'll be bad from a covid perspective as people desperate to move before march 31st may rope in friends and family, thus increasing social contact.

Sorry, I should have said. We will pay stamp duty regardless, as the property is a lot more than 500K. However, after March this becomes an additional 18K on top of what we have already factored in.

Sorry, you're right. It will cost us 15K more on top of what we will already pay. I had my sums mixed up on the spreadsheet.

Regardless, we are not going ahead and I was mainly just feeling a bit disappointed.

No chance of it going through before March if you're only offering now. Do you know how much of a backlog solicitors have got with everyone else who is trying to complete on the same timescale?

The vendor was being very sensible refusing an impossible condition.

Sorry @MrsJocelyn sounds very frustrating. We are in a similar position really, but I think the saving grace is a number of chains will collapse and prices may drop if the stamp duty holiday ends.

Per the recent FT article, Stamp duty holiday is not likely to be extended

www.ft.com/content/ba98ddcd-0feb-429d-849a-d94e87fde279

If prices fall then everyone buying and selling will be more or less in the exact same position. If you are buying and selling your house at the same time you will buy at a lower price but also sell at a lower price.

If you say of before the stamp duty ends then you will be quids in if prices fall.

*If you sold before the stamp duty ends