December 04, 2017
The recent budget saw Chancellor Philip Hammond effectively scrap the Stamp Duty Land Tax for first time buyers who are purchasing a property for less than £300,000.00. For those living in property hotspots such as London where properties cost in excess of £300,000.00, the chancellor is scrapping Stamp Duty on the first £300,000.00 with a reduced Stamp Duty rate for the remaining payment up to £500,000.00.
This spells good news for first time home buyers who need not worry about factoring in the cost of Stamp Duty on their first property purchase under £300,000.00, making home ownership a more viable and affordable option over renting.
The benefit in the reduction of Stamp Duty rates will apply to all residential properties including houses and flats, but not commercial property. Although details of the scheme have not yet been fully published for joint buyers, both purchasers must be first time buyers to qualify for the Stamp Duty reduction.
The changes to the Stamp Duty rules mean that we now have different rates for different purchasers of residential property. The categories of purchaser are first time buyer, a home mover, limited company and second home / buy to let investor.
Stamp Duty relief for first time buyers is in addition to government schemes already in place such as the help to buy schemes equity loan and mortgage guarantee initiatives, shared ownership, starter home scheme, lifetime ISA and help to buy ISA. If you would like to take advantage of any of the above initiatives or if you would like to discuss the options available to you in purchasing a residential property, then please do not hesitate to contact one of our new build conveyancing experts today.
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All you need to know about the government-backed Help to Buy Scheme in our handy guide.
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Help to Buy is here to help. And it's not just for first time buyers. Help to Buy can help you get onto the property ladder, or move up it.Visit Website
The calculator works out the Stamp Duty Land Tax (SDLT) you'll have to pay for residential purchases.Visit Website
NHBC is the UK's leading independent standard-setting body and provider of warranty and insurance for new homes.Visit Website
For all applications received at Land Registry offices on or after 17 March 2014Visit Website