There are currently 30% more property transactions in England and Wales than normal and this is having a profound impact on all property transactions. This article shares information on the current situation, how it may impact your property transaction and what you can do to help.
The current situation
- Average property transactions are now taking 16 to 20 weeks from the date of receipt of completed welcome packs.
- Most conveyancers in the UK are working at capacity – including Convey Law.
- We have been actively curtailing new instructions for the last 6 months to manage this nationwide situation.
- The changing SDLT deadlines have significantly altered our priorities and increased our workloads.
How you can help
- Please be patient – continually emailing for updates is not helpful – your Conveyancer needs the time to work on your case.
- Use our case tracking facility to guide you on transaction timelines wherever possible please.
- Please complete all of your assigned tasks – mortgage application processes – welcome pack and enquiry information etc.
- Should you wish to speak to your Conveyancer, please email to make an appointment.
Be kind and courteous please – our Conveyancers are working as hard as they can to get through these difficult times and to meet the new SDLT deadlines that the government have forced upon us at short notice.
We are pleased to have initiated and support the industry wide “Be Kind We Care” initiative which supports kind and professional behaviour at this difficult time. Additional information can be found at www.conveyancingfoundation.com.
SDLT – Stamp Duty Deadlines
You will be aware that the existing SDLT holidays for transactions under £500,000 in England has been extended until the 30th June 2021. The Land Tax position is very different in Wales. The up to date position in relation to SDLT and Land Tax can be found by clicking here. Additional information is available on the attached leaflet.
We will do everything possible to ensure that all clients that are effected by the SDLT deadlines achieve the tax cost savings. These transactions will be our priority in May and June but we would reiterate that we cannot guarantee timelines beyond our immediate control.
We have had a number of cases recently where our client’s email systems have been hacked by fraudsters, masquerading as Convey Law Conveyancers, asking them to send money to a bogus bank account so that they can steal their money.
Please refer to the Property Fraud flyer that we sent you in the post and the Cyber Fraud video which is available in your Welcome Pack portal. Our bank details will not vary from that which we provided. Please call us on the correct direct dial telephone number that you have been given before transferring funds. Do not transfer funds to any other third party in the chain – mortgage lender – estate agent – as you should not need to do so.
Please ensure that you have the appropriate firewalls and email security procedures in place and do not advertise your property transaction on social media or elsewhere – doing so makes you an easy target for property fraudsters.
We would recommend that all clients take the benefit of our “Property Fraud Restriction” and sign up to the “Land Registry Property Alert System” when purchasing a property, which will help to protect the property from fraud following completion.
Thank you for your vigilance, together we will ensure that you property transactions is safe from property fraud.
Thank you for your vigilance and your continued patience and support.