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The chancellor considers ‘extending stamp duty holiday by six weeks’

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    The chancellor considers ‘extending stamp duty holiday by six weeks’

    Interesting report for The Property Industry Eye.


    The chancellor considers ‘extending stamp duty holiday by six weeks’ – Property Industry Eye

    #2
    I still think he'd have done better to make the holiday eligibility dependent on the start date of a sale, e.g. when the two parties first formally made contact for the purpose of that sale (as certified by their respective solicitors) rather than the completion date as I believe things stand. The latter introduces a lot of hard feeling when there are delays and a "cliff edge" end date, which is usually a Bad Thing.
    Last edited by OwlHoot; 16 February 2021, 10:21.
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      #3
      There was something I saw in the Torygraph yesterday that said some people who 'sold' in July still won't complete in time. They must have really complicated sales / chains for it to take that long?

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        #4
        Originally posted by ladymuck View Post
        There was something I saw in the Torygraph yesterday that said some people who 'sold' in July still won't complete in time. They must have really complicated sales / chains for it to take that long?
        I was talking to an estate agent yesterday. Apparently some authorities are struggling with a backlog of searches, whereas some are handling them without delay.

        Anyway. It's the ******* torygraph. Every housing story has a disaster spin.
        See You Next Tuesday

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          #5
          Originally posted by Lance View Post
          I was talking to an estate agent yesterday. Apparently some authorities are struggling with a backlog of searches, whereas some are handling them without delay.

          Anyway. It's the ******* torygraph. Every housing story has a disaster spin.
          One London council was hacked before Christmas which meant they were not able to carry out local authority searches which led to delays.

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            #6
            The house buying process in this country needs a serious overhaul. The fact that it can take 6 months to finalise a purchase, with either party able to pull out at any time, for any reason - with the other party perhaps a few grand down - is crazy. I've lived in a few other countries over the years and it is not uncommon for purchases to be essentially binding at the point of offer acceptance.
            Searches are crazy as well. Surely this should be a one-button operation? All of the data you need is (usually) on the public record somewhere. I know that private search companies exist now (quicker and cheaper), but not all mortgage lenders accept them.

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              #7
              I'd heard this the other day too .... certainly keeping fingers crossed here. I may be able to hit the current deadline, but it will be a push, but extending by 6 weeks will be much easier for me for sure.

              Logic would say that the extension is only for those who have a sale confirmed by the end of March to allow for those sales to get to completion. If they just extend what we have today all we'll end up with is a new cliff edge which doesn't make sense.

              But hey, when have governments followed logic and made sense?
              I am what I drink, and I'm a bitter man

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                #8
                Originally posted by mattster View Post
                The house buying process in this country needs a serious overhaul.
                Amen. The fact I can buy a house and do all the searches, then sell it a year later and the new buyer has to do the same searches, for example.
                I thought this was the idea behind the Home Information Pack but that was killed off IIRC?

                I bought a place which had quite complicated curtilage and access. I was wondering if I use the solicitor I bought it with, to sell it, can they simply provide all that information to the new buyer? Clearly the same questions will be asked and it's a huge waste of my time filling in questionnaires but I'm pretty sure every sale starts with a complete clean slate on the solicitors' side?
                Originally posted by MaryPoppins
                I'd still not breastfeed a nazi
                Originally posted by vetran
                Urine is quite nourishing

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                  #9
                  Originally posted by d000hg View Post
                  Amen. The fact I can buy a house and do all the searches, then sell it a year later and the new buyer has to do the same searches, for example.
                  I thought this was the idea behind the Home Information Pack but that was killed off IIRC?

                  I bought a place which had quite complicated curtilage and access. I was wondering if I use the solicitor I bought it with, to sell it, can they simply provide all that information to the new buyer? Clearly the same questions will be asked and it's a huge waste of my time filling in questionnaires but I'm pretty sure every sale starts with a complete clean slate on the solicitors' side?
                  A lot of the content would remain the same but there may have been planning applications granted / submitted in the interim that may be omitted if the previous information was reused. It's been a while so I can't remember what exactly is included these days.

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                    #10
                    Originally posted by ladymuck View Post
                    A lot of the content would remain the same but there may have been planning applications granted / submitted in the interim that may be omitted if the previous information was reused. It's been a while so I can't remember what exactly is included these days.
                    Sure, but doing it all from scratch? Things like flooding reports, etc, as well. I suppose there is the risk that if the previous solicitor missed something the next one can't assume they were competent but if you use the same solicitor to buy and sell the house surely they can use the file they created for the sale when selling!
                    Originally posted by MaryPoppins
                    I'd still not breastfeed a nazi
                    Originally posted by vetran
                    Urine is quite nourishing

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