Right now, the industry is awash with predictions, petitions, and panic surrounding the SDLT holiday deadline.
The reality is that many homebuyers have already missed out on this tax break, and this number will undoubtedly increase. Hackney is the first council to advise residents to take out indemnity insurance if they want to complete before March 31st, 2021 and, unless there’s an extension to the SDLT holiday, we believe other councils will follow suit.
Whilst no-search insurance will certainly allow transactions to complete, an increasing number of conveyancers are opting for our data-rich alternative, OneSearch Express. We understand completing without obtaining full searches carries an element of risk, however, we believe Express (along with the TA6 Property Information form) is the best alternative to searches, as Express provides over 70% of the data normally obtained from local authorities. This includes over 80 data points such as notices and traffic schemes, drawn from our unique, Triple Quality Checked datasets.
Indemnity insurance has been protecting transactions from collapse with great success for many years. Indeed, our own claims record for Express insurance is exemplary, at 0% since its inception in 2015.
Your duty of care
We appreciate your obligation to practice due diligence and act responsibly when recommending any product. To limit your exposure to risk, we have created two fact sheets to ensure you and your client are fully aware of the risks and can make an informed decision.
Some conveyancers have suggested they may ask their client to sign the fact sheet as a disclaimer; this is entirely at your discretion.
We really hope this will help you deal with those cases which you have grave concerns about completing before the stamp duty deadline. For more information, please email firstname.lastname@example.org or call 01782 433270.