‘Expect a government U-turn on stamp duty’ – Star Letter 18/12/2020

‘Expect a government U-turn on stamp duty’ – Star Letter 18/12/2020

 

This week’s comment came under the article: AMI and IMLA warn of property chains collapsing without phased stamp duty deadline.

User Sox wrote that it will be “horrendous” for those buyers who narrowly miss the deadline.

And added: “Whilst it might be very easy to tell our clients they will need to have the additional funds in place, someone having to pay an extra £6-£11k for the ‘sake of a few days’ is not just simply going to accept that, smile serenely and ‘lump it’.

“Especially if that person was in a complete chain with a mortgage offer a full three months before the deadline, when 12 weeks ‘should’ have been more than adequate.

“These otherwise quite lovely and passive clients will be screaming at their solicitors, brokers and everyone who will listen because no one has that money to lose in this environment and, frankly a government incentive that was handed out on a whim without any understanding of the impact on the market was irresponsible.

“Expect a U-turn in true 2020 government style, but it won’t come until the deadline is almost upon us because otherwise there will be the flip side of the coin and those people that try and push it, which would be simply not fair.

“So yes please to an extension, but please don’t announce it until much nearer the time for goodness sake.”