Working in the conveyancing industry can be tough at the best of times, given the rules and regulations that need to be complied with by all parties involved. This could be the conveyancer, agent, broker, surveyor, etc.
When the Government impose changes, such as the stamp duty rules that came into force on 31 March 2025, it changes how the usual day-to-day procedures run.
Increased Workload and Pressure
In the lead-up to the implementation of matters such as new Stamp Duty Land Tax (SDLT) rates, conveyancers experienced a significant surge in workload. Clients rushed to complete their property transactions before the new rates took effect to avoid any potential additional costs. This meant conveyancers had to prioritise tasks, manage even tighter deadlines, and ensure all legal checks were completed accurately and dealt with in a much quicker manner.
The demand for more frequent communications tends to increase during legislative and tax changes, which reduces the time available to complete work within the working day. Many conveyancers and other parties within the industry work additional and unsociable hours to ensure that work is completed promptly for their clients.
Managing Client Expectations
Clients often feel anxious and stressed about the impending changes, which is completely understandable. Parties involved in the process need to provide clear, honest, and timely updates to keep clients informed about the progress of their transactions and the potential financial implications of missing the deadline.
Empathy and effective communication are crucial during this period. It is important to remember that it is an extremely busy time for professionals in the industry, and they are working exceptionally hard to help bring your matter to conclusion.
Collaboration and Coordination
The property sector sees heightened collaboration among various parties, including estate agents, mortgage brokers, and legal professionals. Everyone works together to help clients complete their transactions on time.
Strong teamwork and coordination are essential to navigate the busy period smoothly. It is extremely important that all parties work together to obtain the result their client wishes to achieve. Transparent communication is crucial to ensure that the transaction moves along as quickly and efficiently as possible.
Technological Support
Modern conveyancing firms rely heavily on technology to manage the increased workload. Automated updates, streamlined workflows, and robust management systems help conveyancers handle the pressure more effectively. These tools ensure that all necessary steps are followed without compromising the quality of work.
Ensuring that any forms provided are completed accurately by all parties can be crucial to the time it takes for a transaction to move forward. It’s important that if you’re sent a form for completing, you fill in all relevant sections as accurately as possible.
Upholding Standards
Despite the rush, conveyancers must maintain high standards of legal practice. Cutting corners to expedite transactions can lead to significant issues later on and is not permitted by the regulatory authorities. Parties must balance working at a fast pace with ensuring thorough and accurate legal checks, despite the tight deadlines.
It is additionally important to remember that when a mortgage lender is involved, your conveyancer is usually required to represent both of you. When dual representation is required, the conveyancer must comply with the lender’s specific requirements, which can change at any point. As a result, your conveyancer may need to report certain items to the lender or have documents amended to ensure they comply with the mortgage lender’s requirements at that time. Depending on what works are needed, this can take some time due to the fact that third parties then need to be involved. This could be the lender’s valuer or the landlord/management company of a property.
Post-Implementation Period
Now that the new SDLT rates are in place, we expect there to be, as often is, a continuation of high activity as transactions that narrowly missed the deadline are starting to complete. Over time, the workload stabilises, but conveyancers have to remain vigilant in adapting to any further legislative changes.
Legislation and tax changes can be an anxiety and stress inducing time. Your conveyancer will be working as hard as possible to bring your matter to conclusion as soon as possible. You must still consider that regulations and laws must be followed, and your conveyancer has a duty to act in your best interest, whilst also complying with their regulatory obligations.
Overall, being a conveyancer during changes to SDLT is a challenging but rewarding experience. It requires excellent organisational skills, effective communication, and a strong commitment to client care.
How can we help?
Chloe Hawkes is a Conveyancer in our Residential Property team.
Call our dedicated Residential Property team on 01206 835225, email [email protected] or click on the Conveyancing Quote tab to start your quote today.