The first time buyer’s stamp duty relief period is shortly to come an end. If you are a first time buyer in the process of buying a home, or shortly to consider buying a home, you must move quickly to take advantage of the relief period.
The relief was introduced by the Government in 2010 to assist first time buyers in getting a foot on the property ladder. It raised the stamp duty threshold from £125,000 to £250,000 for first time buyers and is available on completions taking place before 25 March 2012. This means that, in order to take advantage of the first time buyers’ relief, completion of your purchase must take place no later than 24 March 2012. It is not sufficient to have exchanged contracts and paid the deposit to the seller.
STOP PRESS! 13 February:- The Government has just announced that there are to be further incentives which seem to be aimed very much at the first time buyer. Watch this space for further details!
