A Midlands property lawyer has reminded homeowners that the Government’s Stamp Duty holiday will continue after this month despite thresholds being changed.
Conveyancing expert Sharon Lerry fears that some buyers and sellers in the county believe that the tax exemption on buying homes will end completely on 30 June - but also warned that time is critical if buyers are to benefit from the next Stamp Duty relief.
The Government will only be changing the threshold which will see no Stamp Duty being paid from 1 July to 30 September for any home up to the value of £250,000 – half the original £500,000 threshold exemption.
Homes purchased between the value of £250,001 and £925,000 will see a five per cent duty charge.
Miss Lerry, a senior associate at law firm mfg Solicitors said: “The Covid-19 pandemic has affected all corners of daily life over the past 15 months but the housing market is bucking the trend and this has been fuelled by the Stamp Duty holiday which has kept the market busy and buoyant.
“I have heard people say that the house sale boom will stop as soon as the Stamp Duty holiday changes at the end of this month. It is, however, really important to note that whilst the threshold will come down to £250,000, this will still keep deals moving along as it will really help first time buyers.
“What is vital is that those trying to push through a sale at pace have all the correct paperwork and correspondence at their fingertips.
“Professionals such as estate agents, brokers and lawyers are all under pressure to complete deals so buyers and sellers looking to take advantage of paying no Stamp Duty must ensure they are prepared. The process is taking much longer at present due to sheer volume.
“It will help massively in terms of timescales over the coming months and what we expect to be a hugely busy summer period.”
Readers requiring more information or advice can contact Sharon at mfg Solicitors through firstname.lastname@example.org or by calling 0845 55 55 321.