The torrent of buyers eager to complete on their house purchase before the stamp duty deadline is causing a logjam in solicitors’ offices. Peter Joseph of Home Legal Direct offers advice to help buyers keep their cool
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 are currently no plans from the government to do so.
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 searches, 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.
Online conveyancing
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.
Consider buying ‘protection’ for your purchase
Buyers may also consider getting additional cover in place for their purchase during an uncertain and temperamental climate such as this.
Home Legal Direct offers Homebuyers’ Protection Insurance for just £39, which can offer buyers valuable 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 and this protection provides cover for this scenario, as well as the seller backing out of the sale.
Ultimately, the best thing a buyer can do to speed up the process is to instruct a conveyancer as soon as possible.
As fewer 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.
Peter Joseph is CEO at Home Legal Direct
