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!