Statement on Chancellor’s Stamp Duty Announcement

After the past few days, the leaks from the Treasury about the SDLT changes/holidays/exemptions have caused trepidation and effectively slammed the brakes on the recovery of the conveyancing market for residential transactions.

The other concern was that the rumoured “delay in the implementation” of any such changes until Autumn would have frozen the market completely.

We are glad that today, the Chancellor has now clarified those issues and implemented the changes “effective immediately” in order to keep the wheels of the market turning.

We will be reviewing in detail the scale of the proposed changes but are hopeful it will encourage potential Buyers and that we see a thawing of the market which has been slow to recover following the Covid19 Lockdown.

The noted 31 Mach 2020 timeframe will undoubtedly cause a “rush” and this brings back memories of the SDLT changes to the Buy to Let market which were brough in at the same time in April 2016. Many of our clients will recall that we worked tirelessly with them to get deals through and were successful in 100% of all matters.

Manak Solicitors therefore have proven experience in working to such deadlines and we are proud that we have highly qualified staff, state of the art technology and solid infrastructure to cope with such demands -even during times of pandemic and unforeseen circumstances.

Furthermore, as our Conveyancing Teams are all working in the office, this once again makes transactions far easier to deal with from a client’s perspective – as will be noted from recent feedback.

Jas Jandu

Director of Conveyancing