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Thinking Of Moving?

Reasons to choose Wilson Browne

If it’s to take advantage of the SDLT ‘holiday’, that ship may have sailed.

We’ve been working flat out for our clients since the “SDLT holiday” was announced.

The stamp duty (SDLT) holiday has driven huge demand in house moves and transaction times are generally up from 12 weeks to 20* with many lenders taking 12 weeks just to process and approve applications:

  • 3 to 4 weeks to make a decision on lending,
  • a further 3 to 4 weeks to instruct a valuation,
  • a further 3 to 4 weeks to issue the offer.

If someone has made an offer on a property this week, they’ll be looking at February before their offer is even issued! With the scheme ending on 31st March, that is cutting it fine (it would be unwise to gamble on it being extended).

We have one of the largest conveyancing teams in the region, skilled at processing things quickly…but we can only move as fast as the slowest person or party, and things like searches are taking much longer than normal.

Whilst we have continued pretty much as normal in our COVID secure offices, many 3rd parties (searches, Local Authorities, lenders etc) had furloughed staff and made a transition to home-working leading to backlogs and delays. 

We are now quoting the full rate of SDLT – this is what you should expect to pay: if you beat the deadline, it’s a bonus. This applies to new or current transactions.

All enquiries by phone, email or website are processed in order and we will respond as soon as we can, but there are likely to be delays. 

Our message to clients embarking on, or in the middle of a house move is to please be patient and remember that our staff are working as hard as they can to get them into their new home.

As a responsible conveyancer, we need to be clear that there are no guarantees of beating the deadline, and anyone who tells you otherwise is perhaps indulging in wishful thinking.

*estimated average: some organisations predicting up to 5 months from start to finish

Jenny Woodruff

Posted:

Jenny Woodruff

Partner

Jenny is a Partner and head of the Residential Conveyancing Team. She has extensive knowledge of the conveyancing process, including: dealing with freehold and leasehold sales & purchases; new build purchases; remortgages; transfers of equity; shared ownership; help to buy transactions & general property advice.