Did you know Stamp Duty had been removed or reduced until the 31st March?
This is indeed great news, however, it can take 3 to 4 months from finding a property to completing contracts so buyers really need to have found something in 2020 to ensure that they secure these fantastic reduced rates.
Read below for more information:
Residential Rates on purchases from 8 July 2020 to 31 March 2021
If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.
You can use the table to work out the SDLT due:
Property for lease premium or transfer value
Up to £500.000
The next £425,000 (the portion from £500,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million)
From 8 July 2020 to 31 March 2021 the special rules for first time buyers are replaced by the reduced rates set out above.
For more information about this great news or assistance with finding your next property, please contact your local Green and Company branch.