First Time House Buyers – Stamp Duty Land Tax Relief ends 25 March 2012
At present first-time buyers of residential property in the UK can apply for Stamp Duty Land Tax (SDLT) relief if all of the following apply:
- the effective date is on or after 25 March 2010 and before 25 March 2012
- the consideration given is £250,000 or less
- the buyer intends to live in the property and it will be their only or main home
- they have not previously owned property or land either in the UK or anywhere else in the world – including property bought with anyone else
In effect this means that first-time buyers have up to 24 March 2012 inclusive to complete a purchase of residential property at a price up to £250,000.If transactions are not completed by 24 March 2012 then first-time buyers will pay SDLT at a rate of 1% of the purchase price. If you are a first-time buyer then do not delay – depending on the purchase price you could save up to £2,500.
We offer a friendly, efficient and experienced conveyancing service, where your transaction will be handled by a qualified solicitor, at competitive prices. Please contact us for further information.