Conveyancing firm O’Neill Patient (ONP) has suggested that the mortgage industry should warn buyers purchasing properties since the beginning of the year that the chances of completing the purchase before the stamp duty holiday ends are slim.
ONP have been making their clients aware when quoting their fees to prepare them for the possibility they may need to find extra money they have not budgeted for.
Despite rumours of a potential six-week extension, ONP commented that even if the stamp duty holiday was extended by 6 weeks, we would not know this until into March and will do little help to the impending deadline and will cause newer buyers into the race to beat the cut-off.
You cannot rely on stamp duty holiday extensions, in fact, we suggest if you are, you should not be buying the home that you are. Budget for stamp duty and if the extension does happen, the saving is then a bonus for your move in.