In March 2021, Rishi Sunak announced the 2021 budget in which he extended the stamp duty holiday, which was due to end on 31 March 2021. The holiday has now been extended until 30 June 2021 for residential properties with a value up to £500,000, meaning that they will be entitled to pay the nil rate band up until this date. For transactions after this date, the threshold will be reduced to £250,000, and those completing a property purchase will not be required to pay any stamp duty on properties valued up to this amount until 30 September 2021 in England and Northern Ireland. The nil band rate will return to its normal level of £125,000 on 1 October 2021.
The Budget 2021 stamp duty holiday has had a massive impact on the housing market, leading to a surge in workloads for those working in property law and conveyancing.
How has the Budget 2021 stamp duty holiday impacted the legal market?
The stamp duty holiday was introduced last year to help encourage the property market through the Covid-19 pandemic. The stamp duty holiday has been hugely successful in encouraging people to buy a home or move property. It could also be argued that the governments “stay at home” message throughout the pandemic has also led many homeowners to seek larger properties or relocate to the suburbs, especially for those who now have the ability to work from home.
The huge demand for property this year has led to an increase in house prices and, of course, larger workloads for law firms with property and conveyancing departments. With the property law market now booming and other markets, such as personal injury, in decline, many may now be considering their options, with some deciding to exit specific sectors to focus on more profitable areas, such as property law.
How can Recovery First assist your law firm?
Recovery First is a great choice for those looking for a structured exit from any legal market and wishing to retain 100% of their recoverable WIP.
As well as assisting solicitors wishing to make a strategic exit to focus on more profitable areas, we also assist many firms where there are partners wishing to retire or the firm is going through a restructuring process.
Whatever the reason, Recovery First will ensure the most positive and profitable outcome is achieved. An additional benefit being that the firm’s clients not only get a seamless transfer, but they are also married up with a firm specialised in their particular needs.
The unique scheme offered by Recovery First is suitable for law firms and professional advisors, including restructuring and insolvency lawyers, insolvency practitioners and accountants. Our team manage the transfer of files from start to finish, placing case files with an approved law firm so as to protect the integrity of the client’s case.
We guarantee 100% confidentiality for all clients. If you would like to find out more about Recovery First’s process, feel free to get in touch today via email (email@example.com), telephone (0845 056 1258) or fill in the form on our “Contact Us” page, and we will contact you to discuss the process.
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