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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.
Various representatives of Adams Harrison attended the Anglia Ruskin Careers Fair on 1st November 2017 in Cambridge.
The event was a very successful one and the Adams Harrison personnel spoke with a lot of potential trainee solicitors, and gave general advice to them about how they should proceed to achieve their goal.
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