Allow ‘formal offers’ to be included in Stamp Duty holiday, says Propertymark

first_imgPropertymark has launched its manifesto for both the sales and lettings industries ahead of Rishi Sunak’s 3rd March Spring budget including a call for the Stamp Duty holiday to be extended.Its Chief Policy Advisor Mark Hayward says the organisation is particularly worried by HM Treasury’s refusal so far to modify or extend the stamp duty holiday because it could cause “thousands of sales to fall at the final hurdle and have a knock on and drastic effect on the housing market which has recovered well from the Covid-19 slump.”The trade association has some ideas up its sleeve for the Chancellor to ruminate on.This includes extending the deadline past 31st March but also allowing transactions to be included in the Stamp Duty holiday that have a formal offer on the table prior to 31st March which has been passed to solicitors to prepare for exchange.Overstretched“Due to the ongoing impact of the Coronavirus pandemic many potential buyers are in a proceedable position but waiting for conveyancing, mortgage offers and searches from overstretched local authorities to be returned,” says its manifesto.Other proposals in the Propertymark manifesto include an extension to the Help to Buy scheme for first time buyers should be extended, raise the Local Housing Allowance and establish a fund to help both landlords and tenants clear the rapidly-growing rent arrears debt mountain.“It’s been an unprecedented year for everyone and this includes the housing sector,” says Hayward (pictured).“The property market has remained remarkably resilient during the lockdown periods so far and the Government has prioritised a functioning property market.“But there is still progress to be made and we’re calling upon the government to make these recommended changes in order to continue to support agents, landlords, consumers and the wider housing market.” Chancellor Rishi Sunak Mark Hayward propertymark February 3, 2021Nigel Lewis5 commentsMervin Xavier, Xavi Xavi 4th February 2021 at 12:36 pmFormal offers are not legally binding in England. A memorandum of sale means nothing from a legal perspective. So, none of the ideas above are just not implementable.Log in to ReplyMurray Lee, Dreamview Estates Dreamview Estates 4th February 2021 at 6:24 pmSorry Im afraid I don’t agree. As long as the vendors lawyer proves that a contract was sent to the buyers lawyers its totally implantable. Backed by the memo,. No buyer is going to try to skirt the system if they havent agreed to buy anything yet!Log in to ReplyDavid Jabbari | Solicitor | Founder and CEO of Muve | [email protected] |, Muve Muve 4th February 2021 at 11:50 amWe’d just need some clarity around the meaning of formal offer – perhaps better linked to the issuing of a Memorandum of Sale?Log in to ReplyMurray Lee, Dreamview Estates Dreamview Estates 4th February 2021 at 9:13 am100% best optionIf its agreed and proceeding BEFORE 31/3 the buyers should be given the same benefitProof provided by agents sales memo and vendors lawyer confirming submission of contract to buyers lawyers#schimples#comeonrishiLog in to ReplyAdam McHenry, Cadman Homes Cadman Homes 4th February 2021 at 10:02 amI agree, I think I put this on a thread on the last article on the negotiator or property industry eye. Contacted sales must be allowed to go through!Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Housing Market » Allow ‘formal offers’ to be included in Stamp Duty holiday, says Propertymark previous nextHousing MarketAllow ‘formal offers’ to be included in Stamp Duty holiday, says PropertymarkProposal is within trade association’s manifesto ahead of Rishi Sunak’s 3rd March Spring budget.Nigel Lewis3rd February 20215 Comments33,552 Viewslast_img read more