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Conveyancing Matters: Stamp Duty Abolished for First Time Buyers
First Time Buyers and Stamp Duty
Conveyancing Solicitors are leading experts when it comes to property and legal advice. You need expert advice when you’re looking to buy property, especially as a first time buyer. Are you a first time buyer? If you’re looking to buy a home, you’re likely wondering how much you need to have saved up. By now you’ve likely considered costs to get a mortgage, pay a conveyancing solicitor, ground rent and stamp duty amongst other expenses that go with buying or leasing property. Stamp Duty alone can come at a great cost. Correction! Stamp Duty used to come at a great cost. The good news today is that Stamp Duty has officially been abolished for first time buyers of a property priced under £300k. What does that mean? Until we heard the great news today, these were Stamp Duty charges for anyone buying a home (extra charges were applicable for anyone wanting to buy a home to let):
£0-£125,000 = 0%
£125,001-£250k = 2%
£250,001-£925k = 5%
£925,001-£1.5m = 10%
Conveyancing Solicitors Bringing You Good News!
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fter Britain’s housing crisis hit an all time low, the government put it at the centre of their budget agenda in order to address particularly those who are first time buyers. Until today, if your home cost under £300k, you’d fall under the 5% bracket – in other words, you’d need to save up for your initial deposit, plus 5% of the overall cost of your home. But the government decided to abolish these charges for first time buyers so, as a future home owner with a property at the value of up to £299k, you’ll be exempt of any Stamp Duty charges. We just thought we’d share the news with you and we look forward to hearing from you if you’re a first time buyer. Please give us a ring and we’ll offer you a free first consultation. Buying a home doesn’t need to cost the earth. SG
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