A petition launched earlier this month for the stamp duty holiday to be triggered upon exchange of contracts, rather than completion, has attracted more than 10,000 signatories.
The petition, which was started last month by an individual who is looking to take advantage of the existing stamp duty holiday, has proved popular with buyers and sellers, as well as agents, conveyancing solicitors, mortgage lenders and surveyors.
Chris Holland, who created the petition, told EYE: “People are finding themselves becoming trapped in a scenario whereby house prices are much higher, and at the same time they will now miss out on the stamp duty holiday. People are being financially punished from both sides, this from a policy that was designed to do the exact opposite.
“Exchanging contracts is exactly what it says. A contract, a legally binding agreement, to purchase a house often with an immediate 10% deposit being paid. So why shouldn’t you benefit from the stamp duty holiday being triggered at that moment of exchanging contracts, rather than at the point of completion? This will allow in particularly new build buyers, with continuous building delays due to COVID-19, to benefit from this policy.
“If you can help in any way it will be greatly appreciated.”
Reaching 10,000 signatures means the government must now respond to Holland’s petition.
The chancellor Rishi Sunak previously bowed to pressure and eventually extended the stamp duty holiday beyond 31 March, amid concerns that thousands of buyers could fail to complete before the deadline.
Petitions posted on Westminster’s official petition.parliament.uk site are considered for a debate in parliament if they accrue more than 100,000 signatures.
You can add your signature to the petition here.
I’m sorry but the only people to have benefitted from the recent extension are slow conveyancers. Who on 31 March thought ‘ooh we have another 3 months’.
Only in this last week are they waking up to possible PI claims for being that slow and now coming out of the woodwork wanting a rushed exchange. You watch, I will get calls out of the blue after weeks seeking an urgent exchange or message to ask if we can indeed complete by 30 June.
There have been some serious grafting conveyancers – over 50% in fact – but also many many who have plodded, and who should leave the profession.
The recent extension was not the right thing, and another one is just absurd.
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50% of Conveyancers graft. Can i see your research to back up this “Fact”? I like to be a bit more optimistic and think most people in whatever profession, in the majority, want to do a good job.
To just bash Conveyancers for the average length of property transaction at the moment is very lazy and shows no willingness to understand the issues in there entirety. Local Authorities? Lenders? Landlords? Management Companies? Estate Agents and Conveyancers managing expectations from the outset?
In the next month the whole industry infrastructure will come under as much pressure as its ever done and it may be that it can only service a certain amount of transactions. This won’t be through lack of effort on anyone’s behalf just the circumstances we find ourselves in.
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