To try to give the housing market a boost as the UK economy starts to recover following the COVID-19 pandemic, the government had announced that, for a limited period, a Stamp Duty Holiday will be applied to the first £500,000 of any new property purchase, meaning that buyers can save up to £15,000.
This 'Stamp Duty Holiday' only applies to residential properties purchased between 8 July 2020 and 30 June 2021.
Then from 1 July 2021 to 30 September 2021 the nil rate band will be £250,000. The nil rate band will return to the standard amount of £125,000 on 1 October 2021.
If you own multiple properties, the usual Higher Rate on Additional Dwellings surcharge will apply.
More information can be found HERE.
Time is now running out to take advantage of his stamp duty holiday because the relevant date is the date of completion of the purchase of the property, not the date the offer is made. It takes many weeks post offer to get to completion. To compound matters, many conveyancing solicitors will already be busy with the surge in buyers trying to purchase before the deadline.
If you wish to take advantage of the SDLT payment holiday, you need to move fast.
The information provided in this article is not intended to constitute professional advice and neither is it a recommendation. You should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE.
For expert mortgage advice for first-time buyers, contact us now.
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