The Advisory, a property consultancy firm, have revealed that with less than 21 weeks to go before the end of the SDLT holiday, around 30% of buyers are going to be unable to complete in time to make the most of the holiday.
Gavin Brazag, Founder of The Advisory, said:
“Because it takes roughly 21 weeks for house sales in hot markets to find a buyer, accept an offer and complete the legal process, only house sellers that are already on the market – or lucky enough to be in an area where houses are likely to sell fast – will be able to secure a buyer and get their deal over the line before the deadline.
“Everyone else will no doubt face last minute chain collapses as buyers pull out of the deal or try to renegotiate their purchase price downwards.”
This warning has come shortly after the property industry wrote an open letter to Chancellor Rishi Sunak, imploring him to extend the holiday to help the property market which was previously stifled due to the first UK national lockdown at the beginning of March 2020.
Conveyancers, surveyors, mortgage providers, local authorities and other stakeholders who play a part in the property transaction pipeline are facing log jams and the tricky situation of managing client expectations as the deadline looms closer.
2 Responses
Solicitor’s have had over two centuries of the benefit of an unfair trade practice (now “reserved matters”) without developing the quid pro quo of a service which ensures completion when the client wants it.
Time for a changer
And what should the change include
Replace conveyancers with transaction managers
Replace chains with home brokerage
Replace legalese with machine- readable plain English
Replace the information chase with standing, open data
And whatever else home owners want