First Time Buyers
Attention – All First Time Buyers
The Stamp Duty Land Tax relief for first time buyers is due to come to an end on 24 March 2012. The Chancellor, George Osborne, has refused to extend the temporary exemption beyond this date because the move failed to get more people onto the housing ladder.
This means any first time buyers buying property up to a value of £250,000.00 must now complete their purchase by 23 March 2012 in order to still benefit from the exemption. Completion takes place when the purchase price is paid and the buyer can move into the property.
An exchange of contracts (when the deposit is paid) before the deadline will not be sufficient to take advantage of the exemption.
SDLT rates and thresholds
|
Purchase price/lease premium or transfer value
|
SDLT rate |
SDLT Rate for first-time buyers before deadline |
SDLT Rate for first-time buyers after deadline |
|
Up to £125,000.00 |
Zero |
Zero |
Zero |
|
Over £125,000.00 - £250,000.00 |
1% |
Zero |
1% |
|
Over £250,000.00 to £500,000.00 |
3% |
3% |
3% |
|
Over £500,000.00 to £1million |
4% |
4% |
4% |
|
Over £1million |
5% |
5% |
5% |
Act now!
It is important for first time buyers to act as quickly as possible in relation to any purchase to benefit from the exemption before the deadline. There are many factors which can affect the timescale of a transaction and here at Parnalls we offer a seamless and proactive approach to Conveyancing.
A first time buyer can potentially save up to £2,500.00 and here at Parnalls we understand that every penny counts when getting your foot on the first rung of the property ladder.