Simply Conveyancing urges homebuyers to act quickly to beat SDLT deadline – The Intermediary

A warning has been issued by national conveyancing firm Simply Conveyancing to potential home buyers about the upcoming changes to Stamp Duty Land Tax (SDLT) which will come into force on 1 April 2025.

The firm advised that buyers should have their offers accepted and transactions underway by Christmas to avoid the added financial burden of the new thresholds.

The firm reported a significant increase in transactions since the October Budget, with many buyers racing to beat the deadline.

Sue Bence, COO of Simply Conveyancing, said: “With stamp duty changes on the horizon, it is vital for buyers to act quickly.

“Having an offer accepted and legally underway before Christmas will give home movers the best chance of avoiding the added financial burden of the new thresholds.”

Although cases vary, the current majority of offers accepted for completion times take around 3-4 months according to the latest from the Land Registry, without taking into account additional industry load.

Bence added: “Since the October Budget, when it became clear that the previous temporary stamp duty thresholds would not be extended, and with interest rates gradually stabilising, we have seen a significant increase in transactions as people race to beat the deadline.

“While this is positive overall, it puts additional pressure on the entire transaction ecosystem from lenders to agents, local authorities and conveyancers, so buyers should be aware of this to avoid disappointment and being hit with additional moving costs.”