Lawyers “under pressure” as the stamp duty deadline approaches

Stressed lawyers have been working late nights and weekends to help movers pass the statutory holiday deadline, according to the Law Society.

With just weeks before the deadline for the full stamp duty grant, traders may have to manage their clients’ expectations of closing deals on time, he said.

The stamp duty holiday was extended in the March budget and once the June 30 deadline has passed, a new declining rate will come into effect and apply from July to the end of September.

The current ‘zero rate’ stamp duty range is £ 500,000, but from July 1 it will drop to £ 250,000 and from October 1 it will return to its normal level of £ 125,000.

Stamp duty applies in England and Northern Ireland, and Wales, the current tax relief on land transactions – the equivalent of stamp duty – will end on June 30.

The Law Society has issued new guidelines for transfer lawyers, covering managing client expectations and offering practical suggestions for processing transactions.

For England, advice includes informing customers of the reduction arrangement which will take effect from July 1 and trying to ensure they have realistic expectations of the impact of no not meet the June 30 deadline.

Clients should also be aware that the lawyer is often the last link in the process, and it is only when the lawyer has all of the other’s pieces that buyers and sellers can move on, the advice suggests.

Home movers may also want to take tax advice and start calculating likely stamp duty after June 30 now, the Law Society has advised.

“We understand the terrible pressure that transportation officers are under before the June 30 deadline, pressure that many lawyers have been under for some time as they continue to work under the most difficult circumstances,” said Stephanie Boyce, president of the Law Society of England and Wales. .

“Stressed and pressured lawyers worked late at night and on weekends, with little or no work-life balance, to ensure that their clients’ transactions could be completed as they wish. .

“At this point, it is critical that ownership transfer attorneys take steps to manage their clients’ expectations for on-time completion to take advantage of the stamp duty holiday.

“Many of the factors limiting the speed of a move – delays in publishing research results, delays in issuing mortgage offers, problems in the chain and with dependent transactions – are generally beyond the control of the company. transferor. They cannot guarantee that transactions will be completed before the end of June. “

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