Free Conveyancing: First Time Buyers Hurry!
- AuthorPaul Hajek
The Stamp Duty concession which exempts properties purchased under £175000 from paying any Stamp Duty Land Tax expires on 31st December 2009.
Thereafter, Stamp Duty will be imposed on any purchase over £125000.
The Stamp Duty payable will be 1% of the full purchase price up to £250,000; 3% over £250000; and 4% if the Consideration for the purchase is over £500,000.
The concession which has primarily helped First Time Buyers on to the first rung of the housing ladder, may still be some three and a half months away, but Conveyancing Solicitors are warning against delay.
The simple fact of the matter is that Mortgages which would have normally taken a matter of weeks to process prior to the credit crunch are taking considerably longer.
The penalty for procrastination could be £1750, a sum which equates to roughly the legal fees, Land Registry Fees, Search Fees and some or all of any mortgage Arrangement fees.
So if you can complete your purchase before the end of the year, it will be the equivalent of having your Conveyancing fees paid for you.
Get your skates on first time buyers.