Getting Things Moving - Processing Residential Property Transactions Smoothly
- AuthorJCP Solicitors
The pandemic and its lockdowns have put great strain on the residential property market and this has led to understandable delays and backlogs from all parties in the transactions from lenders to search providers to law firms. A straightforward transaction with no complications will generally take between 10-12 weeks to complete. However, during the Covid-19 pandemic we recommend that you anticipate it taking between 14 -16 weeks.
Our team has been working tirelessly over the last few months to deal with this situation, to ensure our clients’ transactions go through smoothly, efficiently and safely.
We know the rates of Welsh Land Transaction (LTT) and Stamp Duty Land Tax (SDLT) have been temporarily reduced for residential property purchases lower than £250,001 in Wales and £500,001 in England that are completed on or before 30 June 2021.
However if you have yet to instruct your solicitor on your purchase, we do feel it is important to be realistic about the feasibility of exchanging by 30 June 2021, in the current climate.
Our personal quotation for your conveyancing will therefore be the rate you will pay for completion after 30 June 2021 and before 1 October 2021 (if the property that you are purchasing is in England).
As we have seen over the past year, the situation is by no means static and there may be further changes ahead. However, we will continue to do our best to complete your property purchase before the deadline if this is possible.
We would advise you to ensure your transaction is still affordable should your completion date overrun.
Our Residential Property teams are always on hand for tailored advice. Get in touch on 03333 208644 or email email@example.com.