Good news for first-time buyers

The Treasury has announced that it is abolishing stamp duty for first-time buyers who are purchasing property up to £300,000 in England, Wales and Northern Ireland.

In addition, those buying a property up to £500,000 will only pay stamp duty on the value of the property over the £300,000 limit.

A first-time buyer is defined as someone who has never owned a freehold or leasehold interest in a property before, and who is buying the property as their only or main residence. Residential property anywhere in the world is counted when determining whether someone is a first-time buyer. If you are buying property with someone else, you must both satisfy the criteria as a first-time buyer, in order to be eligible for the relief. The relief is also available to first time buyers acquiring a property under shared ownership arrangements.

The relief takes immediate effect from 22nd November. According to the Chancellor, the move means that 95% of first time buyers will benefit from the cut, with 80% of first time buyers avoiding stamp duty altogether.

Before yesterday’s announcement, anyone buying their first home paid stamp duty if the property was worth more than £125,000. Under the new rules, someone buying a property worth £208,000 (the price of the average first time buyer property in the UK) paid £1,660 in stamp duty – now they will pay nothing.

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Our highly experienced residential property team can make the process of buying your first home as simple and stress-free as possible.

We are accredited by the Law Society’s Conveyancing Quality Scheme, which means that we operate to the highest possible standards and can provide fast, efficient and cost-effective conveyancing for your first home.

Please contact our property team on 01473 611211 or email [email protected] to find out how we can help you.

Linda Crawford is a solicitor in the property department at Barker Gotelee, Suffolk Solicitors.

Property Solicitors – for more information on our range of legal services, please call the team on 01473 611211 or email [email protected]