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Lenders warn brokers about completing legal work for stamp duty deadline

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  • 24/11/2020
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Lenders warn brokers about completing legal work for stamp duty deadline
Major lenders are posting warnings on their adviser websites to ensure intermediaries are aware of the time remaining for their clients to meet the stamp duty deadline.

 

Santander and Nationwide have both posted the prominent messages on their intermediary pages telling brokers to allow enough time for legal work to avoid any issues in completing cases.

The Santander warning includes a countdown to the 31 March deadline, currently 128 days, and says: “Make sure you allow enough time for legal work to be completed.”

It also provides a link to the latest data on how quickly local authorities are completing searches.

The lender told Mortgage Solutions: “We are providing early warnings to our brokers to ensure that they, and their customers, understand the implications on stamp duty if all parties do not complete before 31 March 2021.

“Each property purchase is different and the more complex transactions may take longer than others.”

Mortgage Solutions also understands the lender has recruited more people to help it process applications to meet the deadline.

The Nationwide Building Society message says: “Please make sure you allow enough time for the mortgage application and legal work to complete to meet eligibility criteria.”

The lender told Mortgage Solutions it was taking a prudent approach and ensuring everyone including members and brokers was aware of the most up-to-date timings and information approaching the end of the stamp duty holiday.

It added that it was being a responsible lender highlighting this in the current climate.

 

 

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