Stamp Duty Cuts and First Time Buyers
What is Stamp Duty?
Stamp duty is a tax paid when buying property. The rate you pay varies based on the property price and increases as the price goes up. There are set thresholds.
When do you have to pay it?
Stamp duty is paid 14 days from the date of completion (England and N. Ireland)
How do you pay it?
Typically it is paid via your solicitors, but you can also pay it online, via cheque or cash in many banks.
What are the new rates?
The new rates are:
The chancellor also added that discounted stamp duty for First Time Buyers will now apply to properties costing up to £625,000 (up from £500,000).
What does this mean for First Time Buyers?
The new rates mean that First Time Buyers will not have to pay stamp duty up to the value of £425,000, which means you could save up to £11,250 (for a property valued at £625,000). Even if you have already exchanged, stamp duty is triggered when you complete the purchase of the property so it may still be applicable if you haven’t yet completed!
What counts as a First Time Buyers?
Do you qualify as a First Time Buyer? Well, first time buyers are classed as anyone who hasn’t owned a property before anywhere in the world) whether bought or inherited. It is also worth noting that if you are buying a property with someone else, even if it is your first purchase, it must also be theirs so you both need be first time buyers to qualify.
Talk to our dedicated Sales Agents today and find out what properties are now available to you!