A property law firm is calling on the government to backdate the stamp duty holiday to include those buyers who completed during the lockdown.
Last week Chancellor Rishi Sunak announced that residential purchases at £500,000 or less would be exempted stamp duty from Wednesday July 8 until the end of March.
But Sarah Ryan, who is head of private client and conveyancing at Simpson Millar, wants the holiday to be made retrospective to benefit “potentially hundreds of people” - particularly new build buyers and those who had been on the cusp of completion at the start of the pandemic.
Ryan says these people have faced “months of stress and uncertainty.”
And she goes on: ”There is no denying that for some, in particular those individuals, couples and families who have managed to complete on the purchase of their home either during lockdown, or in the immediate aftermath, this [stamp duty holiday] will come as a bitter blow.
“This is most likely to affect those who have bought a new build property as many of those transactions could go ahead despite social distancing, as well as those who were all ready to finalise proceedings once the rules relaxed in May.
“We have now written to the Housing Secretary to call for the scheme to be made retrospective so that those individuals can also benefit from the cost savings.”
The government suggests that the new higher threshold will mean that 9 out of 10 people will pay no stamp duty at all, and that the average house buyer will save £4,500.