Budget 2017; Stamp Duty Changes For First Time Buyers
The government announced yesterday that it is abolishing stamp duty land tax for first time buyers purchasing homes up to a value of £300,000. If a property is purchased up to £500,000 there will only be stamp duty payable at 5% on the amount between £300,000 to £500,000. This change in stamp duty provisions is hoped to assist first time buyers to get on the property ladder.
It is worth noting that a first-time buyer is defined as someone who has never owned a freehold or leasehold interest in a residential property before and who is purchasing their only or main residence. If someone has owned a residential property anywhere in the world previously then they won’t be counted as a first-time buyer. All purchasers in a joint purchase must be first-time buyers to avoid having to pay stamp duty.
Our conveyancing team will guide you through the home buying process, including advising on any liability to pay stamp duty.
Tracy Spilsbury was appointed a Partner in February 2016. Tracy qualified as a solicitor in 1988 and has worked in Haverhill Cambridge and Ely as a Conveyancing Solicitor. She joined Adams Harrison in July 2014 to complement Haverhill’s busy residential department. She is our Head of Residential Conveyancing. She is also responsible for the residential property work undertaken in all three offices and is the Conveyancing Quality Scheme Senior Responsible Officer.
Tracy brings a friendly yet professional approach to her role.
