Attention First Time Buyers … time is running out
Legislation introduced by the Finance Bill 2010 entitled First Time Buyers to relief from Stamp Duty Land Tax for purchases of residential property of values up to £250,000. The relief was, however, limited to two years and will not be available for purchases completing on or after 25th March 2012.
If you are a First Time Buyer and considering purchasing a house or flat this spring, you could make a potential saving of between £1,250 and £2,500 (based on a purchase of between £125,000 and £250,000 if you act quickly.
To qualify for relief, the purchaser must intend to occupy the residential property as his/her only or main residence and must not have previously purchased such an interest or its equivalent anywhere in the world.
If you are a First Time Buyer then time is fast running out to take advantage of this relief. With many flats and smaller houses on the market at the moment, for First Time Buyers, there may never have been a better time to make that first move.
For further information on how you could benefit from SDLT relief, and how we can further assist you in purchasing your first home, contact Patricia Gray.