Clarkslegal LLP - Solicitors in Reading and London

Legal Updates

Hurry! Get Stamp Duty Land Tax Relief before it disappears

01 February 2012 #Real Estate


It is time to act if you are a first time buyer and would like to save up to £2,500 on the purchase of your first property. The Stamp Duty Land Tax (SDLT) “holiday” announced by the Chancellor in his Budget on 24th March 2010 will end at midnight on the 24th March 2012. At present, first time buyers do not pay SDLT on purchases of up to £250,000. Beware - this first time buyer relief is time limited and will end soon.

The relief could be of great benefit for local first time buyers as the average property price in Reading is slightly more then £220,000. They will have to find SDLT if they miss out and do not buy a property for under £250,000 before a relevant date.

To qualify, a first time buyer (or all buyers if a joint purchase) must not have previously owned an interest in a property anywhere in the world. Relief is not available unless the first time buyers are purchasing, for themselves, a property that they intend to use as their only or main residence. 

To get started, use the following tips

  • Get a deposit ready (a standard deposit is 10% of the purchase price
  • Arrange your mortgage
  • Instruct your solicitor
  • Find a property that preferably is not a part of a chain to avoid any delays or the possibility that someone in the chain will pull out at the last minute before exchange
  • You must complete before 25th March (it is when following exchange you pay the balance of the funds to your solicitors and move into the property)

An average conveyancing transaction takes between six to eight weeks from start to finish. To avoid disappointment any first time buyer needs to act now.

If you would like to ensure that your purchase is completed before the relief ends, please contact one of our team of experienced conveyancers.

Clarkslegal, specialist Real Estate lawyers in London, Reading and throughout the Thames Valley.
For further information about this or any other Real Estate matter please contact Clarkslegal's real estate team by email at realestate@clarkslegal.com by telephone 020 7539 8000 (London office), 0118 958 5321 (Reading office) or by completing the form on this page.

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