The Law Society has published new guidance for under-pressure conveyancing solicitors as the 30 June SDLT deadline approaches.
The chancellor Rishi Sunak extended the stamp duty land tax (SDLT) holiday in the March budget. In England, once the 30 June deadline passes, a new tapered rate will come into force and run from July to the end of September. In Wales, the land transaction tax (LTT) concession will come to a hard end on 30 June with no tapering arrangements after this date.
The Law Society, aware of the pressure conveyancing practitioners are working under at the moment, have published some new guidance to assist with managing the transition process.
The guidance covers managing clients’ expectations of the impact of not making the 30 June deadline and offers practical suggestions for dealing with transactions. It also looks at the potential impact of the Leasehold Reform Bill and how to prepare for professional indemnity insurance (PII) renewals.