April 02, 2016
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 residential conveyancing experts today.
We have collected a list of the most frequently asked questions. See if your query has been answered before.
We don’t just provide conveyancing services in the East Midlands, we work nationally too.
BHW Residential are specialists in New Build conveyancing, dedicated to you.
BHW Once Again Named East Midlands’ Most ‘Highly Commended’ Conveyancing Firm
BHW has received the award for the East Midlands’ most 'highly commended' conveyancing firm for the second year running.
BHW Shortlisted for Conveyancing Firm of the Year
BHW Solicitors have been shortlisted for Regional Conveyancing Firm of the Year 2019.
Buyers and Tenants Beware
The first of March will see a significant change to Stamp Duty Land Tax (SDLT) filing. From this date, the deadline to submit a SDLT return will reduce from 30 days to 14 days. This deadline applies to both residential and commercial property.
What happens on completion day?
BHW Win ‘Highly Commended’
BHW are delighted to have received the 'highly commended' award at the Law Firm Services (LFS) Awards for Regional Conveyancing Firm of the Year East Midlands.
How to Choose the Right Conveyancing Firm and Compare Conveyancing Quotes
Settling on the right conveyancing firm to handle your property transaction can be a mind-boggling task. While nearly all firms will happily provide you with a conveyancing quotation for their work, comparing these quotes is often less than straightforward.