Buying your first property can be a difficult time in the current market and getting your “foot on the ladder” can be daunting.
To help the first time buyer Stamp Duty has been waived by the Inland Revenue up to a threshold of £250,000 but this concession is only available until 24th March 2012.
A saving can therefore be made of up to £2500 depending on the property value which will come in handy and help towards all the other expenses connected with moving house.
Please be aware that the exemption does only apply to genuine first time buyers and if a property is being purchased by two people then both of them have to be entitled to the exemption. All applications for exemption will be checked by HMRC and any applicant discovered to be claiming the relief incorrectly could be fined up to £5000.
To see if you qualify for the Stamp Duty exemption, please do not hesitate to contact our Conveyancing department.