Here’s some great news about the property market... Stamp Duty is to be abolished for first-time buyers on all property purchases up to £300,000!
As of today, the budget changes mean that if you’re trying to get on to the property ladder it’s going to be a little bit easier for 80% of FTB’s and 95% of all FTB’s will be affected with it being cheaper to purchase up to £500,000! (£500k is a pretty massive first time buyer budget so let’s just say it’s pretty much every potential new homeowner in the country that’s being helped)
What is Stamp Duty?! You ask.. It’s basically a tax for buying a property. (Course it is) There has been a few changes over recent years to the brackets and thresholds, but simply put, all you need to know is you now pay NO TAX if you’re buying for the first time up to £300k.
How much am I saving?
If you were buying at £300,000 as a FTB you’d be saving yourself a sexy £5000. Merry Christmas!
If I’m a FTB but my partner/the person I’m buying with isn’t, will I still qualify?
First Time Buyer means exactly that - someone who is buying a property for the first time. If you have owned a property previously you would not qualify. In a joint purchase, BOTH/ALL parties would need to be a FTB. Which sucks a bit but we don’t make the rules.
I own property abroad but not in the UK, am I a FTB?
In a word - no. The Treasury takes into account all property ownership around the world. We think that’s a tad bit harsh but what can you do?
If I’m in the process of buying right now will I still have to pay Stamp Duty?
Good news, no you won’t! :) It’d be a good idea to speak to your solicitor for clarity on exactly where you are during the process and to revise your completion statement if necessary.
Is this a good or bad thing for me as a seller?
Well, we think it’s pretty favourable to both - here’s why;
It’s a huge help not having to find the extra cash as a first-time buyer, we all know how difficult it is to save in the first place!
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