2 January 2018

Stamp duty stamped out for first time buyers

By Nic Sheldrake, Director, Hayes + Storr.

The Budget announced on the 22nd November 2017 brought an immediate change to the initial stamp duty threshold for first time buyers, meaning that anyone buying their first home won’t be liable for stamp duty if the purchase price is below £300,000. For more expensive areas such as London, additional relief is available for purchases up to £500,000.00.

It is predicted that the stamp duty changes will help up to 95% of first time buyers in England, Wales and Northern Ireland and up to 80% in London who are purchasing properties beneath the £300,000 threshold.

First time buyers will need to declare that they have never owned a property, either in the UK or abroad. The declaration will be contained in a Stamp Duty Return form, which can be prepared by a solicitor on your behalf. Hayes + Storr will do this at no extra cost. If a property is being purchased by more than one individual, then all parties have to be first time buyers to qualify for the relief.

We at Hayes + Storr welcome the new relief and will be offering a 10% discount throughout the whole of 2018 on our conveyancing legal fees for first time buyers. We are keen to help those wishing to get on the property ladder and will do what we can to make the process easier. We are always available for an initial no obligation chat, and your transaction will be dealt with by a qualified property lawyer specifically allocated to your property purchase.

Hayes + Storr Solicitors are regulated by the Solicitors Regulation Authority.

This article aims to supply general information, but it is not intended to constitute advice. Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead. However no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy. Always seek our specific advice.

If you would like further advice on this matter please contact Nic on 01328 863231. If you require advice on any other legal matter please call 01328 863231 or email law@hayes-storr.com.

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