The Chancellor last week in his Autumn Statement chose not to extend the Stamp Duty concession for first time buyers
First Time Buyers were exempt under the concession from paying Stamp Duty on a purchase of a property up to £250000.
The stamp duty concession will now end on 24th March 2012.
Unless a first time buyer has completed the purchase of their house or flat by 24th March 2012, Stamp Duty will be levied at 1% of the whole purchase price over £125000 and up to £250000. Stamp Duty of 3% will become payable at £250001 up to £500,000
Act Now To Beat the Stamp Duty Deadline
Conveyancing Solicitors are warning against delay for although the stamp duty concession may not close for some three and a half months, mortgages can easily take as long to be processed.
Many will know that whereas a mortgage which took a matter of weeks to process prior to the credit crunch, now takes considerably longer.
There may well be problems with the chain of transactions as well, so the more time to complete the conveyancing formalities the better
The Price for Procrastination
The penalty for procrastination could be as much as £2500 or at the very least £1750; the cost of the additional stamp duty which will become payable after 24th March 2012
"Free Conveyancing Fees"
Or to put it another way: if you complete your purchase before the end of March 2012 you will in effect have all your Conveyancing fees and other third party payments such as, Land Registry Fees, Search Fees and some or all of any mortgage arrangement fees, paid for you.
A Balancing Act
The urge to complete may be more pressing in some parts of the country where properties are scarce. In other parts, where there is a glut of properties, a renegotiation of the purchase price itself may be a better strategy.
Clutton Cox Conveyancing Guarantee
If you are first time buyer and instruct Clutton Cox on your conveyancing before 31st January 2012 we will do all in power to help you meet the Stamp Duty deadline.
And if through no fault of your own you do not complete by 24th March 2012 you will not be charged for abortive fees - guaranteed.
Free Conveyancing Book: A Home Buying and Conveyancing Guide.
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