Solicitor's Advice - First-time buyer? You need to know about The Chancellors Autumn Budget abolishing stamp duty land tax

January 2018

Are you a first-time buyer looking to buy in 2018? As it has been two months since The Chancellors Autumn Budget was published on 22 November, Courtyard Solicitors wanted to remind all first-time buyers of the advantages contained in his budget as he has abolished stamp duty for first time buyers who fulfill certain criteria.

Abolishing stamp duty land tax; what does this mean? Who will benefit? It means that 95% of first-time buyers who pay stamp duty will benefit. If you are first-time buyers of homes worth between £300,000 and £500,000 you will not pay stamp duty on the first £300,000. Normal rates of stamp duty will need to be paid on the price above £300,000. This will save £1,660‎ on the average first-time buyer property and 80% of people buying their first home will pay no stamp duty.

There will be no relief for those buying properties over £500,000.

If you are first time buyer looking to buy in 2018, Courtyard Solicitors are ready to help you through the whole process. Courtyard Solicitors are members of the Law Society’s Conveyancing Quality Scheme and offer fixed rate fees for conveyancing which will give you reassurance and peace of mind during your move.