Are you a first-time buyer looking to get on to the property ladder? Yes? Well, what a relief that is and you know why?
If you have been listening to the news in the last week you would have heard about Stamp Duty Land Tax and relief for first-time buyers. But what does this really mean to you and your situation?
If you are buying anywhere in England, then you will see a tax relief up to £300,000 on any property sale.
Previously, anything over £125,000 and up to £250,000 had a 2% Stamp Duty rate and anything over £250,000 and up to £300,000 the standard rate was 5% and therefore this will reduce the cost of payment that you will have to make when considering buying your first home.
The benefit of this is that many young first time buyers who have previously struggled to get onto the property ladder can now do so from the 22nd November 2017.
According to the Stamp Duty Calculator and the government, this will help up to 95% of first-time buyers including 80% of buyers in London.
However, you will have to be able to declare that you have never owned a property either in the UK or abroad. If you are buying over £500,000 then first time buyers will still be eligible for a reduced rate.
Stamp Duty Calculator had a brief but informative article about Stamp Duty including information for joint purchasers. You can read this here: https://www.stampdutycalculator.org.uk/stamp-duty-first-time-buyers.htm
With the immediate changes, house prices are expected rise later next year so now is a good time to be house hunting.
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