Member Article

Stamp duty extension buys time, says specialist

Linda Kirk, director of conveyancing specialist Adkirk Law, welcomed the new measures to stimulate the housing market.

She said: “We are seeing high levels of sales with the benefits of the stamp duty holiday and now our clients can see through the process that was started with the clarity that the duty will be exempt.

“A lot of people could have been left with a hefty tax bill they hadn’t planned for if the deadline wasn’t extended because of delays beyond their control. With the current pandemic, we have all been operating in a restricted way and against difficult deadlines.

“We still have a pent-up pipeline of sales and deals but this will allow everyone the time to plan ahead and with more surety.”

She also welcomed the Mortgage Guarantee scheme for first-time buyers which gives them the opportunity to buy their own home backed by major banks and building societies with up to 95 per cent mortgages.

“Many lenders have been asking for increasing levels of deposits so many first-time buyers have found it difficult. This will also help stimulate the economy and brings in a new kind of buyer into the market as long as lenders are committed to it,” added Linda.

This was posted in Bdaily's Members' News section by Paul Tustin .