First Time Buyers: Stamp Duty Relief – Important

Thursday, January 26th, 2012

With the New Year well under way and fresh starts aplenty, the conveyancing solicitors at Hanne & Co are once again in popular demand.

Hanne & Co’s team of licensed conveyancers and solicitors advise and assist buyers, sellers and developers across the country all year round. We frequently represent buyers and sellers in the Clapham area where we have been established for over 100 years.

We are also pleased to announce the latest addition to our team, Tim Mendes da Costa. Tim is the latest solicitor to join our conveyancing team and is able to advise and assist on a variety of matters. You can read more about our conveyancing team here.

With the New Year, however, comes new legislation. As you may be aware, times are increasingly difficult for first time buyers and we believe that every penny counts.

At present, first time buyers do not pay Stamp Duty on purchases of up to £250,000. However, at midnight on 23rd March 2012, this is due to change and first time buyers are set to lose a very valuable Stamp Duty relief.

From 24th March 2012, first time buyers will pay 1% on the purchase price of their property falling above £125,000 up to £250,000 and 3% thereafter up to £500,000. This means that if you are purchasing a property in April 2012 for £249,000, you will pay £2490 in stamp duty.

Hanne & Co have over 100 years experience in a variety of conveyancing matters, from residential purchases and sales to complex commercial leases and collective enfranchisement. We are able to exchange and complete property purchases quickly and appreciate all the concerns which you may have as a first time buyer.

In the event that you are a first time buyer and you hope to purchase a property above £125,000 in 2012, you must ensure that you complete on your purchase before midnight on 23rd March 2012.

Our conveyancing team have a wide range of clients and can advise you every step of the way and in particular, in relation to any Stamp Duty issues which may arise from your purchase.

We do not act for your estate agent and we are always looking to ensure that, as first time buyers, you avoid the many pitfalls of purchasing your first property. Our conveyancing solicitors will deal with your purchase as quickly as possible and frequently, we are able to complete on property purchases within 2 months.

Less than 2 months now remain before first time buyers lose their current Stamp Duty relief. You should therefore contact one of our conveyancers as soon as possible to avoid missing out.

You can read more about our property department here and please do feel free to contact us with any enquiries you may have.

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