Published 24th November 2020
The deadline for the stamp duty holiday is fast approaching. Across the country, excited homebuyers are still eager to take advantage of the welcome tax break. As a result, high street conveyancers are currently overwhelmed with the volume of cases coming through their doors. The immense workload has sent shockwaves through the industry, causing conveyancers to start declining requests that aim to complete by the end of March next year.
Despite industry-wide calls to extend the tax break, there
has not yet been any announcement from the government. Property professionals
are currently lobbying for an extension of the deadline, or sufficient
alternative measures, to keep the market going. Fear of a cliff edge caused by the
abrupt end of the stamp duty holiday has raised concerns for the stability of
the market. Combined with operational restrictions resulting from COVID-19, delays
are impacting much of the conveyancing process.
Throughout the industry, professionals are feeling the
strain. Councils are struggling to keep up with the demand for local authority
searches. Some are facing turnaround times of up to seven weeks to complete them,
which previously took an average of just one week before the pandemic hit.
Lenders and surveyors are also feeling the pressure as a result of the rapid
surge in cases and are likewise experiencing setbacks.
For people looking to benefit from the tax holiday, the
chance of completing in time seems unlikely. However, online conveyancing
services are operating as usual. With more flexibility to cope with the sudden
increase in demand, online conveyancing networks are becoming more and more
popular with buyers looking to benefit from the stamp duty holiday.
The value of online conveyancing panels like Home Legal
Direct is in their ability to deliver cost-effective prices and quicker
turnaround times. Working online, via telephone, and through the post, rather
than relying on face-to-face meetings, enables the process to be carried out
faster than the current industry average and at a lower cost. Although there
are no guarantees when it comes to completion times, online conveyancers can
give buyers a better chance of completing in time.
During an uncertain and temperamental climate, many buyers
are considering additional cover for their purchase. At Home Legal Direct, we
are proud to offer Homebuyers’
Protection Insurance. For just £39, this insurance is invaluable to give
buyers peace of mind. With sellers jumping at the opportunity to get a quick
sale and have multiple offers on the table, the chance of a buyer being
gazumped increases. Homebuyers Protection provides cover for this, as well as the
seller backing out of the sale.
At Home Legal Direct, we believe the best thing a buyer can
do to speed up the process is to instruct a conveyancer as soon as possible. As
less high street conveyancers are taking on new cases, online conveyancing
services have resources already in place to assist transactions that can help
with shorter turnaround times.
If you want to make the most of the stamp duty holiday, do
not hesitate! Contact us
today to find out more about how we can help you!