News article published on: 28th November 2017
Philip Hammond, Chancellor of the Exchequer announced in the Autumn Budget that stamp duty will be abolished for first time buyers buying a home of up to £300,000. For properties costing up to £500,000, no stamp duty will be paid on the first £300,000 and thereafter stamp duty will be paid at 5% up to £500,000.
This new relief applies to all transactions completing after midnight on the 22 November 2017 and is only eligible to those who have never owned a residential property either on their own or with others. These conditions must be met by all purchasers if the property is being purchased jointly. The government has said that the introduction of this new relief should support those who are struggling to get on the housing ladder.
If you are a first time buyer and would like advice on what this new relief will mean for you, please contact a member of the Property Team at Osbornes. Our team has wide-ranging experience in residential conveyancing, dealing with a variety of transactions including freehold, leasehold, unregistered and newly built premises. Our aim is to provide efficient and thorough service endeavouring to meet our clients’ needs in respect of agreed timescales and to ensure that our clients have all the information they require to proceed to completion.
To speak with a lawyer in our property department contact us on 0207 485 8811, or fill in our online form.