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Transaction times across the industry have lengthened because of the industry adjusting to new and often remote, ways of working, and increased demand from the Land Tax holiday. This has impacted mortgage lenders, valuers, local authorities, conveyancers, and other businesses involved in housing transactions.
Clients in England
Following the Government announcement as part of the Budget, the Land Tax holiday deadline has now been extended to 30th June 2021. This covers the first £500,000 of the property sale. After that date, the nil rate band will be set at £250,000 - double its standard level - until the 30th September. Stamp Duty Land Tax will then return to the usual threshold and will be paid on property sold for more than £125,000. See here for more details.
The additional 2% rate of tax on purchases by non UK residents still comes into effect from 1st April 2021.
Clients in Wales
Following the Welsh Government’s recent announcement, the Land Tax holiday deadline has now been extended to 30th June 2021. This covers the first £250,000 of the property sale. After that date, the Land Transaction Tax will then return to the usual threshold. See here for more details.
In the meantime, we will of course try to complete existing transactions before these deadlines but cannot guarantee this given the reliance on other parties, and individual circumstances that can impact a transaction.
Existing clients ‘please help us to help you’ – please continue to use our online case management service, eWay, or alternatively, please communicate with us by email where possible and allow time for a response. Due to the high levels of activity, we will contact you when it is appropriate to do so and will prioritise the most urgent transactions. To help transactions progress as quickly as possible please complete any requested or outstanding activities as soon as you can.
Our priority is to ensure the safety of everyone involved in the house moving process. Whilst the business is very much open for business many members of staff now work from home - please note visits to our offices should only be by prior appointment.
Simplify is the UK's largest conveyancing group and includes Advantage Property Lawyers, Cook Taylor Woodhouse, DC Law, GB Law, JS Law, My Home Move and Premier Property Lawyers.