Property

Conveyancers are facing more cliff edges and greater pressures on their practices following Chancellor Rishi Sunak’s decision to extend the stamp duty holiday.

Conveyancers have urged Chancellor Rishi Sunak not to extend the stamp duty holiday and instead focus on allowing those who have instructed a lawyer by a certain date to complete.

A solicitor left clients “high and dry” by failing to register their property purchases and pay stamp duty, while misappropriating some £175,000 of their money, a tribunal has found.

The average conveyancing firm completed 21% fewer transactions last year, although the market did rebound strongly at the end of the year, with transaction volumes up 27% in just one month.

A veteran solicitor did not confirm that his imprisoned client had given instructions to transfer a £300,000 property to his mother, with the client claiming after it happened that he knew nothing about it.

A large number of conveyancers are focused on growing their businesses this year, even though some have struggled to cope with the workload of a hot property market, research has found.

Conservative and Labour MPs have warned of the danger that the property market will fall off a “cliff edge” when the stamp duty holiday ends at the end of March.

MPs will next week debate a petition signed by over 130,000 people calling for a six-month extension to the stamp duty land tax holiday, which is due to end on 31 March.

The High Court has rejected an “unmeritorious” negligence claim against a barrister brought by a former law lecturer acting as a litigant in person.

The time-limited nature of the stamp duty land tax holiday is why people are looking to use it, the government has said in response to conveyancers’ call to extend it.