Final Warning - First Time Buyers must act now
In our news item 14th December 2011 (Stamp Duty Land Tax – First Time Buyers Relief coming to an end) we drew the attention of First Time Buyers to the fact they will not have to pay Stamp Duty on homes costing up to £250K but to qualify completion must take place before 25th March 2012.
Therefore to take advantage of this exemption First Time Buyers must “complete” their purchase before that date so effectively on or before Friday 23rd March 2012. This does not mean exchange of contracts, it means completion and any First Time Buyer who has only exchanged contracts but not completed within the stipulated time will have to pay Stamp Duty at the rates set out in our previous article.
It goes without saying that Hughes Paddison are geared up to doing our best to enable first time buyers to comply with this timescale but can give no guarantees. The sooner our Property Team is instructed, the better chance for FTBs to gain what could be a substantial benefit of up to £2,500.00 on a purchase of £250K.
If you want to know more about the relief or want to ensure your purchase is completed before the relief expires please contact one of our team of experienced residential conveyancers.