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Stamp duty for first time buyers

Stamp duty for first time buyers

In the budget back in November 2017 the government announced an important change in stamp duty (SDLT) as it affects first time buyers.

With immediate effect stamp duty was abolished for first time buyers on properties on the first £300,000.00 of a property worth up to £500,000.00.

The detail is now clear and as you might imagine it is not quite as simple as it sounds.  There are rules and regulations that need to be complied with in order to qualify for the stamp duty saving.

If there is more than one person buying a property then both or all must satisfy all of the rules.

The rules include a requirement that none of the purchasers have ever owned a property before either in this country or anywhere else in the world and you must intend to use the property as your main residence.

It is therefore important to get detailed advice as to whether you qualify for the stamp duty saving.

For advice on this and other Residential Property issues, please contact Partner and Head of Residential Property Chris Pease on 01992 300333 or chris.pease@longmores.law.

 

Please note the contents of this blog are given for information only and must not be relied upon. Legal advice should always be sought in relation to specific circumstances. 

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