Stamp Duty Land Tax Relief For First Time Buyers - Hurry Must End Soon!

Stamp duty land tax (SDLT) is payable on the completion of the purchase of a residential property.

At present, the current SDLT rates apply:

1% for purchases between £125,000 and £250,000
3% for purchases between £250,000 and £500,000
4% for purchases between £500,000 and £1 million
5% for purchases over £1 million

In March 2010, first time buyers were provided with a relief from payment of SDLT for property purchases costing under £250,000.

This SDLT 'holiday' will end on 24 March 2012, therefore buyers intending to purchase their first home within the next few months should get this underway and arrange for completion of their purchase before the exemption ends, to make the most of a potential saving of up to £2,500.

To be eligible to claim the relief, all purchasers must not have owned a major interest in property anywhere in the world before and they must intend to live at the property as their main residence. In the case of leasehold property, the lease must have at least 21 years left to run. The relief does not apply to commercial property and it does not apply to corporate bodies, with limited exceptions.

The first time buyer relief cannot be used in conjunction with any other SDLT relief, except for those relating to shared ownership leases, alternative property finance and the Right to Buy scheme.

To take advantage of this tax relief, ask any questions regarding the above or would like advice on any other property issue please contact Maria Elliot by:

E-mailing Maria Elliot
Calling on 020 7485 8811
Filling in our online enquiry form.

Osbornes underwent a rigorous application and assessment by the national Law Society to become part of CQS initiative, which recognises high quality in residential conveyancing. CQS has the support of the Council of Mortgage Lenders, the Building Societies Association, Legal Ombudsman and the Association of British Insurers.