Conveyancers blamed as buyers prepare to miss Stamp Duty deadline – survey

Conveyancers are starting to take the brunt of the blame as research shows 70% of homebuyers who have already had an offer accepted on a property are still expecting to miss the Stamp Duty deadline.

Thresholds for the controversial property tax are set to drop in April and the majority of buyers are blaming the conveyancing process as the key reason for their delays.

Benham and Reeves surveyed more than 1,000 UK homebuyers who have had an offer accepted but have not yet completed the purchase and found that for 62% the buying journey has taken longer than expected.

The research shows 71% now believe they will miss the Stamp Duty deadline and when asked what has caused the delays to their purchase, almost 40% (38%) place blame at the door of the conveyancing process.

 Another 28% said that delays have been caused by surveys taking longer than expected to complete, while 25% were delayed by being unable to find a property they wanted to buy.

Marc von Grundherr, director of Benham and Reeves, said:

“Many homebuyers don’t fully understand how long the property purchasing process can take and so it’s little surprise to hear that many have faced frustrating delays.

“Even the most proactive of buyers can fall foul to a protracted purchasing timeline and, unfortunately, it’s the conveyancing process that is often to blame.

“For today’s homebuyers, the cost of such delays is particularly profound because it could be the difference between beating and missing the Stamp Duty deadline which can itself dictate whether or not buyers have to pay thousands of pounds in land tax.

“There’s a good chance that those who do miss the deadline may have to rethink their position within the market, as the likelihood is that a large number simply won’t be able to cover the increased cost of stamp duty and will therefore be unable to proceed.”

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