April 02, 2016
The recent budget saw Chancellor Philip Hammond effectively scrap the Stamp Duty Land Tax for first time buyers who are purchasing a property for less than £300,000.00. For those living in property hotspots such as London where properties cost in excess of £300,000.00, the chancellor is scrapping Stamp Duty on the first £300,000.00 with a reduced Stamp Duty rate for the remaining payment up to £500,000.00.
This spells good news for first time home buyers who need not worry about factoring in the cost of Stamp Duty on their first property purchase under £300,000.00, making home ownership a more viable and affordable option over renting.
The benefit in the reduction of Stamp Duty rates will apply to all residential properties including houses and flats, but not commercial property. Although details of the scheme have not yet been fully published for joint buyers, both purchasers must be first time buyers to qualify for the Stamp Duty reduction.
The changes to the Stamp Duty rules mean that we now have different rates for different purchasers of residential property. The categories of purchaser are first time buyer, a home mover, limited company and second home / buy to let investor.
Stamp Duty relief for first time buyers is in addition to government schemes already in place such as the help to buy schemes equity loan and mortgage guarantee initiatives, shared ownership, starter home scheme, lifetime ISA and help to buy ISA. If you would like to take advantage of any of the above initiatives or if you would like to discuss the options available to you in purchasing a residential property, then please do not hesitate to contact one of our residential conveyancing experts today.
We have collected a list of the most frequently asked questions. See if your query has been answered before.
We don’t just provide conveyancing services in the East Midlands, we work nationally too.
BHW Residential are specialists in New Build conveyancing, dedicated to you.
HM Land Registry is Going Digital
The Government has approved changes to the Land Registration Rules 2003 that will enable the HM Land Registry to continue its digital transformation.
Top Residential Property Solicitor Joins Leading Conveyancing Law Firm
BHW Solicitors has further boosted its conveyancing team with the appointment of a highly respected specialist residential property solicitor.
Compare the Conveyancer
As part of the Land Registry's customer care policy, the Registry has announced a new proposal to publish data which would reveal how well (and how badly) a conveyancer is performing in completing their Land Registry applications.
BHW Residential Now Offering No Move No Fee Guarantee
BHW Residential are pleased to announce the launch of a new No Move No Fee Guarantee. Unfortunately, there is a risk with every conveyancing transaction that it will not proceed, often through no fault of your own.
How to avoid 'Friday afternoon fraud'
We are all familiar with the threat of cybercrime. Unsurprisingly, the legal industry is a favourite target of fraudsters and criminals. Large sums of money are often transferred between clients, law firms, and banks or other lenders. Scammers prey on the trust between solicitors and their clients.