First time buyers beware – Stamp Duty relief ends soon

Our conveyancing team ask first time buyers to keep in mind that the government’s SDLT (Stamp Duty) relief scheme is set to end in March 2012.

Under the the current scheme, anyone having a first time interest in a property of a value between £125,000 and £250,000 does not pay stamp duty. Properties under £125,000 are exempt from Stamp Duty.

Regardless of any contract dates, any transaction which completes after 25th March 2012 (over the value of £125,000) will be subject to SDLT, whether you are a first time buyer or not.

If you are a first time buyer looking to buy a property over the value of £125,000 later in the year or you have a purchase in progress which may complete after 25th March 2012, you should be careful to budget for payment of SDLT, which is currently 1% of the purchase price for properties costing between £125,000 and £250,000.

Sheffield Office: 0114 3497000

Chesterfield Office: 01246 555111

info@brmlaw.co.uk

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