First time buyers benefit from Stamp Duty changes
GOOD News for First Time Buyers, as Chancellor abolishes Stamp Duty for properties below £300,000.00.
Philip Hammond announced in his budget on Wednesday the 22nd November 2017, that all first time buyers will be exempt from paying any stamp duty on a purchase of a property that is below £300,000.00 from immediate effect.
The news will be welcomed by many people who are struggling to step onto the property ladder, as they can put the money they would have otherwise put towards saving for stamp duty towards their deposit.
The change in stamp duty rules for first time buyers came into effective immediately on Wednesday and applies to all purchase transactions completed after the 22 November 2017. Purchasers will not be able to claim refunds, if they completed their purchase before the 22 November 2017.
The Government has published a guidance document on the change to stamp duty for first time buyers and a link to the same can be found below, to see, if you are eligible for relief. Advice should always be sought from an accountant, however, our property specialists at Mander Cruickshank Solicitors are happy to continue helping first time buyers with the legal formalities of purchasing their first home, including completing the stamp duty form.
For more information please contact Arti Patel, Solicitor and Head of Conveyancing at Mander Cruickshank Solicitors on either 01530 510666 or a.patel@mandersol.co.uk.
