18 Feb Navigating the Stamp Duty Deadline – without the headache
With the upcoming end of the Stamp Duty holiday on 31st March, the property industry has seen a surge in activity and is bracing itself for a frantic few weeks ahead. We saw from the end of the Stamp Duty holiday in 2021, that heightened pressure can lead to miscommunication, frustration, and unnecessary stress for all involved—agents, sales progressors, solicitors, and clients alike. With that in mind, sales progression specialist ASAP has put together some practical tips to help agents and sales progressors manage the process effectively.
1. Acknowledge the Pressure and Work Together
This is a busy period for all parties in a sales transaction, and it’s important to remember that everyone shares the same goal: successful completions. A collaborative approach, based on mutual support and understanding, will go a long way in keeping things on track.
2. Keep Communication Open and Productive
Clear and timely communication is key. Sharing relevant, meaningful updates with all stakeholders helps keep transactions moving forward. However, constantly contacting solicitors and sales progressors can be counterproductive—every minute spent responding to queries is a minute lost on progressing the sale.
3. Manage Client Expectations
Buyers and sellers need to be aware of the challenges that come with a high-pressure deadline, especially if they are in a chain. Setting realistic expectations early on can prevent last-minute disappointments and difficult conversations further down the line.
4. Have Early and Honest Conversations with Clients
It’s crucial to ensure clients fully understand the potential implications if their transaction does not complete on time. By addressing this early, you can help manage expectations and avoid misunderstandings.
5. Prioritise Transactions with the Best Chance of Completion
With time constraints in mind, focus efforts on transactions that are most likely to complete before the SDLT deadline. While it’s important to provide excellent service to all clients, prioritising well-advanced sales can help maximise success rates ahead of the deadline.
6. Raise Concerns Early
If there are transactions that you are particularly worried about, speak to the relevant parties sooner rather than later. Identifying potential roadblocks early allows for realistic planning and solutions to be found in advance.
7. Stay Courteous and Professional
In high-pressure situations, tensions can run high. Maintaining a professional and courteous approach fosters cooperation and ensures a more positive experience for everyone involved.
8. Proactively Address Potential Chain Breaks
Given the heightened risk of chain collapses, it’s crucial to identify and support the most vulnerable links within a property chain. By offering assistance and solutions to these parties, you can help maintain the integrity of the entire transaction sequence.
9. The Stamp Duty Deadline Doesn’t Have to Be a Headache
By working together, managing expectations, and focusing on constructive communication, the lead-up to the Stamp Duty deadline can be a well-managed and successful period for all.
A collaborative mindset and a structured approach will make all the difference in navigating the challenges ahead. With the right preparation and attitude, this can be a time of opportunity rather than stress.