The Stamp Duty holiday came into force earlier this year and currently due to remain in effect until 31 March, 2021. But will the Stamp Duty holiday be extended?
Partner Ben Gurluk commented: “It is important for buyers and sellers to have a contingency plan in place and lawyers will need to be alert to suitable contract conditions to ensure that there are no issues as the deadline approaches.
“Any buyers or sellers will need to appoint a lawyer as soon as possible as some lawyers are turning away new business at the moment.
“The initiative has already been criticised for its failure to backdate its introduction, so it will be interesting to see if the Chancellor responds to requests from the industry.
“The Law Society is urging the UK government to act to avoid an abrupt end to the SDLT holiday.
“It is important that the market has time to clear the backlog and a chance to formulate a plan to avoid a cliff-edge which is very likely to have a detrimental effect on the market and the wider economy.”
Read the full article in the Daily Express here. This article was syndicated in The Amed Post here.