Property buyers racing to beat the looming deadline when Stamp Duty rates shoot up, are being frustrated by conveyancing delays.

More than half of buyers surveyed by proptech compliance firm Moverly reported problems getting their deals over the line.

The ‘nil rate’ band for home movers will drop from £250,000 back to £125,000 from 1 April, and for first-time buyers, the threshold will go down from £425,000 to £300,000.

Delays

Moverly commissioned a survey of homebuyers across England who have had an offer accepted within the last three months, and are currently progressing towards completion.

The survey found that 51% of these homebuyers experienced delays since their offer was accepted.

A lack of pro-activity from solicitors ranked as the most common reason behind these delays, whilst the second biggest factor was their seller’s failure to provide material information.

Fail to complete

As a result of these delays, 82% are now concerned that they will fail to complete before 1 April, and will be hit with an increased stamp duty cost.

Whilst 74% plan to continue with their purchase, 12% said they would need to reduce the amount they offered, whilst 9% would need to reassess their position in the market.

And 5% said if they miss the deadline, they would pull out of the purchase altogether.

Gemma Young, CEO at Moverly, says: “Nothing grinds the market to a halt quite like a stamp duty deadline, as heightened buyer activity puts a serious strain on the process of purchasing, particularly with respect to the conveyancing process.

“So, it’s no surprise that half of those who have had an offer accepted since the Autumn Budget are now experiencing delays”.

FTB Stamp Duty rush to buy ‘now coming to an end’