First time buyers have until midnight on March 24th to complete the purchase of their new home if they want to avoid paying stamp duty.
From March 25th, all buyers will face a one per cent tax on house purchases between £125,000 and £250,000, and a three per cent tax on purchases over £250,000.
Tom Bridge, managing partner of Residential Property team at Stephensons Solicitors LLP, believes that now is the time for budding home owners to make their purchase, with the typical house purchase taking around six weeks to complete.
Tom said: “The stamp duty holiday allows any first time buyer buying a home worth up to £250,000 to pay no tax on the purchase. The exemption was introduced in March 2010 by the then Labour government to inject life into the property market.
“As the deadline approaches we are urging first time buyers to make the move soon to avoid such a large outlay. There is already widespread difficulty in gathering the deposit required for a first home, so avoiding a potential stamp duty bill of £2,500 would really ease the burden.
“If first time buyers are already on their way to exchanging contracts, I would encourage them to alert their solicitors and other parts of the chain so that everything can be done to speed up the process to meet the deadline.”
Stephensons has been helping people to move home for more than 30 years, and undertakes all areas of residential conveyancing including purchases of all types of property, including right to buy purchases, sales, and re-mortgages. During January, the law firm is also offering a free basic Will with every Conveyancing instruction, subject to terms and conditions.
For more information on Stephensons’ home moving expertise, visit www.5starconveyancing.co.uk or call 01616 966 229 for further details or to obtain a quote.
ENDS
Notes to editors
Stephensons is a North West regional law firm with a national reputation and reach.
Media information: Lianne Tracey
Stephensons Solicitors LLP
T: 01616 966 229
E: lianne.tracey@stephensons.co.uk