Buyers and sellers urged to share the financial fallout of missing stamp duty deadline
Quoting Charlie Rearden of Stacks Property Finders
If the existing deadline is not extended, an alternative solution to prevent so many property fall-throughs could be for buyers and sellers to split the cost of missing out on the tax saving, according to Charlie Rearden of Stacks Property Search.
He said: “The stamp duty holiday was intended as a stimulus for the property market, and many buyers were encouraged to enter the market as a result. They’ve been doing their best to get their transactions over the line in time to benefit, but there have been numerous delays to the buying process during lockdown, and many now risk missing the deadline.
“The most sensible solution for buyers and sellers who look as though they may miss the deadline is to come to an agreement to meet in the middle and share the financial fallout. Some vendors are taking a view, accepting that it’s worth taking a hit on the finance to get a sale over the line. But others are standing firm and refusing to negotiate.
“While some buyers will proceed whether or not they meet the deadline, others for whom finances are tight simply won’t be able to afford to. And the damage will extend up and down chains.
“In the event that there is no extension to the holiday, we will see some stock returning to the market as sales fall through.”
If you are interested in buying a property in Rutland and The Shires, please contact Charlie Rearden / +44(0)7779 261744 / charlie@stacks.co.uk
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