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Original poster

Anyone else cutting it fine with Stamp Duty...?!

90 replies

Whattodo121 · 17/02/2021 14:19

Sold our house in October, found a house, got mortgage approved in early November, then our sale fell through. Managed to find another buyer by mid November. All seemed to be moving forward and then we’ve hit some paperwork delays now right prior to exchange - (someone lower down the chain requires another survey, obv they’re very busy so will take another week) and getting very nervous about meeting deadline as we’ll have to find another £15k if it doesn’t go ahead before 31st March. We will be able to ‘find’ the money, but am worried the chain will just collapse if we don’t hit the deadline. Anyone else in the same boat?!

OP posts:

SheWouldNever · 17/02/2021 14:43

Same here. Agreed sale of ours in Nov, found our purchase house in early Dec. 4 in a chain although our buyers have already exchanged with their buyers so it’s just us left to be ready to exchange with our chain free seller. Searches all back. Just waiting on one enquiry then our solicitor should be able to report and we can talk dates. Will also be on the line for an extra £15k if we don’t make the deadline. It’s fine, but would be hugely annoying to get so close to the deadline and miss it.

Original poster

Whattodo121 · 17/02/2021 17:07

It’s annoying isn’t it? Particularly because it’s not anything in our sale/purchase that’s causing the delay 🙄 very tired of this whole process now!

OP posts:

Thingsthatgo · 17/02/2021 18:57

Yes! We are cutting it fine... I’ve been getting quotes from lots of removal firms because they are all so busy. I’m hoping that when we have a confirmed completion date, at least one of them will be free to move us!
Just found out today that our buyers searches are back. It is just us, our buyers and our vendors in the chain, and we are selling with the same very small estate agency that we are buying from, so the communication has been very easy.
We can also find the extra £15k if necessary, but would much rather spend it on the house!

Pennykins · 17/02/2021 19:29

I'm starting to worry about the deadline. Like PP we can find the money if we need to but would rather use it to make the new house what we need it to be. Chain of four, all ready to exchange (and have been for a few weeks) apart from our buyers (FTB, bottom of the chain) who should have been the easiest link in the chain but they have been sending us various enquiries for 10 weeks now and I'm getting beyond fed up with them!!!

PurBal · 17/02/2021 19:33

Final sale in the chain agreed earlier this month(!) But we are still on track for completion by end of March. I think it's optimistic but all the solicitors are on board from what I can work out.

Original poster

Whattodo121 · 17/02/2021 19:59

I’m getting very tired of constantly chasing people for paperwork to be sent etc. The people who are faffing have known about the issue since the New year but have TODAY decided that they need another survey, therefore holding everyone in the chain up. We have responded to every single email by return, paid hundreds of pounds in fees, valuations blah blah blah. I don’t understand why they don’t have the sense of urgency 🤦‍♀️

OP posts:

Gremlin1 · 17/02/2021 22:04

We're also cutting it very fine! Finally completed our chain at the beginning of February after waiting for ages for the person at the top to find somewhere.

It seems like everyone above us is moving quickly but it still feels like a big stretch to make the 31st March.

Really hoping the deadline might be extended by six weeks as reported at the weekend.

RainingBatsAndFrogs · 18/02/2021 07:27

Yes!
I am freaking out.

COVID has caused so many delays within the chain: surveys delayed due to occupants with the infection, surveys cancelled due to surveyors testing positive, people at one end of chain not being able to find a rental...

We need to exchange next week.

RainingBatsAndFrogs · 18/02/2021 07:32

The problem with the possibility of an extension is waiting until 3rd March to announce it.

By then many of the chains could collapse and many sales fall through because of the rental situation.

I understand the Gvt not wanting to create another cliff edge but they could say NOW that any transactions at a certain level will get an extension. Or extend to any sales where exchange has taken place by 31st March.

RainingBatsAndFrogs · 18/02/2021 08:30

I am exasperated with the Rightmove publicity and Press Release / lobbying over this, though. “Saving buyers a billion in tax” is hardly reading the room.

Surely that fact is that if chains fall through and people stay put;
Those at the top of the chain buying expensive houses that still attract SDLT will not be putting that money into the system.
Thousands of removal companies will lose work for their employees.
Many decorating and other refurb type businesses will lose the work that people have done when they move
If chains collapse people will be out of pocket having paid for surveys, solicitors, etc, and will think twice about starting again.

House sales and purchases have a massive effect throughout the economy.

Hmmph · 18/02/2021 09:05

We’re in this position too, but trying to reassure myself from panicking...

There is still 6 weeks (actually 5 weeks and 6 days) until 31 March. In the olden days, it was possible to buy a house in that time.

If nearing the end - searches done, survey done, mortgages arranged and just waiting for last enquires to come back- then surely it should be easily doable to complete before 31 March?

As far as I understand it (it’s been a while since we last bought a house) the end bit is just transfer money to solicitors, sign contracts and then they arrange a day to exchange the contracts and deposits and a day to complete. All of which can be done in a few days (if Exchange and completion on the same day) or a couple of weeks if not.

So if nearing the end of the process, barring any unforeseen disasters, completion before the end of March should be more than doable?

Or have I missed something major?!

(I have also noticed it is those in my chain who WON’T benefit from the stamp duty holiday- the first time buyer and the top of chain who aren’t buying- are the people holding everything up...)

RainingBatsAndFrogs · 18/02/2021 12:21

I have also noticed it is those in my chain who WON’T benefit from the stamp duty holiday- the first time buyer and the top of chain who aren’t buying- are the people holding everything up..

Well exactly! They need chivvying.

And in our chain the people at one end have asked for a period between exchange and completion that enables them to find a rental. So that could slow things down.

Also - you may find that your solicitors want to set a completion date well in advance of the 31st to allow for any delays on completion.

OllietheOwl · 18/02/2021 12:23

Sold our flat in August, offered in our house in September!!! Very small chain. I was originally told we’d be in before Christmas. Still waiting to exchange. I’m flabbergasted at how slow the transaction has been

Hmmph · 18/02/2021 12:40

But all the people in chains, whether or not they benefit, need to understand about chains collapsing if not exchanged before 31 March. So they should get a move on. Also, why do they not want to get a move on anyway??!

DogsNosesAreCute · 18/02/2021 13:07

Yep cutting it fine here too, sale agreed in October, our offer accepted on a house 2 weeks later. We are the only link in the chain our buyers are in rented and the house we are buying is vacant having gone through probate.

Lots of hold up including needing an EWS1 form and that delaying the mortgage agreement for our buyers. Then my solicitor left the company without saying a word i was trying to get hold of her for a week her phone was off so eventually i called her office and they told me she doesn't work there any more 🙄. Solicitor taking over the case is a complete knob who i have absolutely zero faith in getting this done.

Apparently there are a few enquiries outstanding on ours but our purchase is ready to go. I have been ringing the solicitor almost daily to get him to look into the enquiries. He doesn't answer the phone most of the time and it's driving me insane.

beguilingeyes · 18/02/2021 13:48

It blows my mind that in this day and age of digital everything that the whole house buying process still takes so long.

huitlacoche · 18/02/2021 14:22

we didn't want to be any part of the race to 31 March but have accidentally ended up and the bottom of a chain of people trying to get it done in time it's so stressful I'm in tears most days. I'd genuinely rather pay the full stamp duty than have the risk of the chain collapsing and everyone pulling out hanging over my head for the next 6 weeks

emma123456 · 18/02/2021 16:47

Yup, we are too. Put offer in on property in Nov, sold ours in Dec but the house we are buying doesn’t have the deed of probate granted. Everything else is done. Argh!

woodbeez55 · 18/02/2021 18:14

Yes, us too, despite having sold our house in September and offered on our purchase a few days later. So many problems with our purchase caused us to miss moving before Christmas, and just when we thought we were home and dry in January, the buyers at the bottom of the chain have a problem with their mortgage offer. House is all packed up, just waiting to exchange...

RainingBatsAndFrogs · 18/02/2021 18:37

We have been slowed up by a crap online 'conveyancing' company within the chain.

If I every sell and buy again (NOOOOO! But I will have to) once of the questions I will ask is anyone using a crap 'conveyancer', and an obscure lender with their own crap solicitor and surveyor. Between them they have used up weeks of misunderstandings, inactivity, etc.

Original poster

Whattodo121 · 18/02/2021 20:41

Oh god it’s so frustrating isn’t it? Am trying to be more zen about things today - whatever happens we will figure it all out. It is horribly stressful and I don’t understand people who don’t just act when there’s something that needs to be done and time is of the essence. But this is the issue with being in a chain, isn’t it. Tbh what’s more important is that we sell our house, we can rent if necessary as our vendors are threatening to pull out if we miss the stamp duty deadline. So many chains are going to collapse if it doesn’t get extended.

OP posts:

Bouledeneige · 19/02/2021 00:02

Yes me. But we are looking at the week of March 10th as possible for completion. I'm angsting about getting the removal company I want. It would cost me an extra £15k too - it would be a killer for me. I could scrape it together I think but I'd have precious little left. And I can't vouch for my chain all being able to take the hit. There's 4 of us in the chain.

Bimblybomeyelash · 19/02/2021 00:03

Gosh yes! I think that this is more stressful than my divorce!

ethelredonagoodday · 19/02/2021 07:55

Yes. Been going since August. 🙄🙄
Hoping to exchange next week and complete week after.

Stress city. 🤯😖

catwithflowers · 19/02/2021 08:42

We had some very upsetting news a couple of days ago. Our sellers have removed their property from the market, two weeks before we were due to exchange. If you take into account what we would have saved with the stamp duty holiday, legal fees, the costs of buildings and specialist surveys, we have lost approximately £20,000. Plus our buyers have lost around £14,000 and possibly the sale on their house too.

We had an offer accepted on the house in October and were hoping to complete mid March. A mixture of emotions really, upset (it was our dream house), angry that we have absolutely no financial recourse and complete bewilderment that anyone would pull out so late in the day without a thought to the rest of the chain. The vendors "hoped we would understand " ☹️🤷‍♀️

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