Stamp Duty Issue In Stoke Newington
11th December 2020 posted in Property News Sellers Buyers
It is fair to say the stamp duty holiday has encouraged a significant level of activity in the property market. So much so that that delays have occurred in many parts of the sales or purchasing process.
The backlogs in the sector led many industry professionals to call for a stamp duty extension.
People need support in the housing market
Mark Hayward is the NAEA Propertymark Chief Executive. He was one of the many names who signed an open letter to the Government requesting an extension. He also released a statement, saying; “The joint letter sent to the Chancellor today is an important step in protecting those in the process of buying or selling a house that might miss out on the 31st March stamp duty deadline because of increased pressure on service providers within the industry which is causing delays for buyers and sellers in the sector. The group endorsing this letter represents the breadth of the home moving process including estate agents, search agents, mortgage intermediaries, conveyancing, surveying, energy assessors and removal companies.”
Mark continued by saying; “The boom, caused by the stamp duty holiday, has been hugely beneficial for the housing market; however, the stamp duty cliff edge on the 31 March could cause thousands of sales to fall at the final hurdle and have a knock on and drastic effect on the housing market which has recovered well from the Covid slump. We are calling on Government to rethink these timings, so pressure on the system can be released to allow transactions to complete and avoid a disorderly and distressing period for movers and businesses throughout the market.”
Hackney Council has come under attack
At this point, it appears as though there won’t be an extension to the stamp duty holiday deadline.
There is also an issue which impacts the Stoke Newington market, and this relates to cyber-attacks.
The local council has advised people to arrange “indemnity insurance” in order to ensure completion before the stamp duty holiday deadline of 31st March 2021.
The local council has spoken about the disruption, and the impact on land searches and planning applications. The council response said; “The systems that the Council uses to process new planning applications and the land searches needed for property sales are affected. We are hoping to offer a partial land search service in the coming weeks, but we don’t expect to be able to offer full land searches to any resident before the end of the stamp duty holiday. We are therefore advising residents who need to complete a property purchase to speak to their lender or mortgage broker about taking out indemnity insurance. We will be contacting current applicants next week to tell them which elements of the land search we will be able to complete.”
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.