Stamp Duty Scrapped For First Time Buyers
Great news, stamp duty land tax has been scrapped for first time buyers on properties in England, Wales and Northern Ireland worth £300,000 or less.
For first time buyers in the higher price range buying a first property worth up to £500,000, they will only pay stamp duty payable at 5% on the amount between the £300,000 to £500,000 limit.
This news was announced by the government in the autumn budget on 22 November, and is effective immediately.
How is a First Time Buyer Defined?
You will be a first time buyer if you are buying your only or main residence, and you have never owned a freehold or leasehold interest in a residential property before. If you are buying with someone else, you will both need to qualify to be first-time buyers to be eligible for the first time buyer stamp duty exemption.
If you have owned a residential property anywhere in the world previously then you won’t be counted as a first-time buyer.
This new concession applies to transactions which complete or have completed on or after the 22nd November 2017.
Are You Buying Your First Home? Get Efficient and Reliable Conveyancing
Geoffrey Lurie Solicitors is a long-established law firm offering conveyancing services, we can make the process of buying your first home as simple and stress-free as possible.
We are accredited by the Law Society’s Conveyancing Quality Scheme, meaning you can be sure that we operate to the highest standards and can provide fast, efficient and cost-effective conveyancing for your first home.
To find out more about our conveyancing for first time buyers, call us today on 0191 466 1444 or use our contact page here to get in touch