Landlords and second home buyers are currently in a race against time to complete outstanding purchases by the end of March when an additional three per cent stamp duty tax takes effect.

There has been a surge of 'panic' buying during January and February, as investors have scrambled to secure homes before the stinging charge comes in on March 31.

The tax means someone buying a home worth £200,000 after April 1 will have to pay £7,500 in tax costs compared to £1,500 today.

But experts say scores of buyers who thought they were safe, could end up missing the deadline and owe thousands of pounds in extra tax, as a result of delays with lenders and conveyancers who are struggling to cope under the surge in extra work.

In other cases, buyers who miss the deadline may pull out of sales or demand a reduction in price to compensate, causing disruption to countless property chains.

Robert Scott-Lee, managing director of estate agent Chancellors in Surrey, Bucks, Oxfordshire & Berkshire, said: "Sadly, our expectation is that with lender and conveyancing delays many will miss the deadline of April and this will create some disruption with sales falling through or renegotiations on price being attempted by some purchasers."

Paul Smith, chief executive of Haart estate agents, added: “Currently the biggest hurdle to an efficient market is a shortage of professional skills."

He added: "Changes in government policy such as the introduction of the 3 per cent stamp duty surcharge due to come into place in April have a huge impact on the level of activity in the property market in the short term, however the number of qualified conveyancers remains unchanged.

"This shortage of talent is leading to delays in sales transaction as processes are taking much longer than usual.
 
"Currently it is a case of “all hands on deck” to get buy-to-let transactions through before the 1st April, leaving owner-occupier transactions to progress much more slowly.

It can take as little as 12 days from an offer being accepted to a sale being completed when all is running smoothly.

But with current delays the process could surpass six weeks and anyone who has not yet started mortgage proceedings are now at risk of missing the deadline - especially with Easter also limiting the time available.

Specialist buy-to-let lender Keystone said last Friday was the latest they would take an application and expect it to be finished by the end of March, according to Simon Collins, product technical manager at mortgage broker John Charcoal.

But he said conveyancing delays are currently a larger problem than lenders and they are now "really starting to feel the pressure".

Parts of Britain are more susceptible than others to delays, accoridng to Richard Sexton, director of chartered surveyor e.surv.

He said: “In the immediate term, if there are delays, these will be limited to certain areas.

"The influx of buyers and rise in competition is largely confined to buy-to-let hotspots.

"London predictably will feel the effects, but northern cities like Manchester and Liverpool, which can offer strong returns to savvy investors, may also see an uplift in short-term interest.
 
“This also highlights a longer term ‘structural’ issue.  The surveying profession continues to face into a capacity issue, with the workforce still depleted following the recession and many current surveyors drawing nearer to retirement age.

"This means that it will take time for the industry to respond to further growth in demand."

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