Property buyers in Wiltshire could be missing out on stamp duty holiday
Concern searches by Salisbury City Council and Wiltshire Council are taking too long
Last updated 27th May 2021
Some local authorities are taking so long to return property searches, part of the legal process, that buyers risk missing out on the stamp duty holiday which ends on June 30th.
Analysis carried out by an online mortgage broker found Wiltshire Council and Salisbury City Council have among the slowest turnaround in the country significantly holding up conveyancing.
Mojo Mortages says the delays in some cases were 35 working days which could cost prospective buyers thousands of pounds.
It's worked out total conveyancing time for both local authourities as 16 weeks.
Meanwhile Hackney Council in London was deemed the worst (180 days) with Ashfield District in Nottinghamshire the most efficient ( 5 days).
STAMP DUTY DEADLINE LOOMS
Under the current rules, no stamp duty will be paid on the first £500,000 of a property purchase until 30th June - saving buyers up to £15,000 compared to normal tax rates.
After that, there will also be no stamp duty charged on the first £250,000 of a property purchase until 30th September, which will save a maximum of £5,000.
On the 1st of October the nil rate band for stamp duty will then revert to its pre-holiday level of £125,000.
Richard Hayes, CEO at Mojo Mortgages, said:
"The Stamp Duty holiday, and the savings of up to £15,000 that come with it, has helped thousands of people buy new homes."
"The recent extension is good news for the many thousands of buyers still currently worried they would miss these savings, however with just eight weeks to go until the deadline there will be many wondering if they are going to complete on time, with conveyancers doing all they can to keep clients happy. "
"Although these times are average and theoretical, they do help people realise how long things can take, and how tight it could be. If they do think they are at risk, it’s really important they speak to their conveyancer about no-search indemnity insurance."
"Of course, there is definitely the flip side of the coin where mortgages and conveyancing can get sorted much quicker than you expect."