Stamp Duty Changes

With the changes to Stamp Duty Land Tax announced in the 2018 Autumn Budget, therehas never been a better time to get on the property ladder.Buyers of Shared Ownership properties valued at under £500,000 are now exempt frompaying Stamp Duty, while those that have purchased a property for less than £500,000under the scheme within the last year are eligible for a refund for the tax they have paid.This is a marked increase from the 2017 budget which saw first time buyers exempt on thefirst £300,000 of any property purchased in England, Wales and Northern Ireland, which canbe seen as a concerted effort on the Government’s part to increase the number of first timebuyers (FTBs) and duly backed by the Spring statement which proclaimed the number ofFTBs to be at an 11 year high.Yesterday’s announcement shows a continuation of this trend, meaning the time is right toget a foot on that all important first step of the housing ladder, something that the SharedOwnership scheme has been particularly useful in doing.DWS Legal are experts in first time buyers, dealing proficiently with Help to Buy Equity Loan andISA schemes, and being named specifically as one of Help to Buy’s chosen, panel solicitors (https://www.helptobuylondon.co.uk/useful-information/solicitors).At DWS Legal, we understand that buying your first home can be a daunting experience,which is why we treat all cases with the diligence, attention and care that they deserve,through staff that are experts in all aspects of the buying process.If you want further information on how the Stamp Duty changes or buying under the SharedOwnership scheme can benefit you, please contact the office.0116 2999 199info@d-w-s.co.uk