Information for First-Time Buyers

Mon 3rd December 2012
This information is provided by us as an aid to our clients in understanding the conveyancing process. It is not intended to be a full statement of the laws that relate to the buying and selling of property. It should not be regarded as legal advice therefore.

Introduction

As you read this information for the first time you are probably enjoying the prospect of buying your new, and possibly first, home. Most advice given at this stage centres around the importance of the transaction and the significance of your intended investment. These are wise words. But you need to know more. This may fill-in some important gaps in your knowledge and help you to be better prepared for what will follow.

> Download our First-Time Buyers Guidance Booklet
Continue reading

First Time Buyers and Stamp Duty Land Tax

Thu 25th March 2010
The 2010 Budget statement made by the Chancellor on 24th March 2010 outlined a new relief from Stamp Duty Land Tax (“Stamp Duty”).

In essence, to qualify a buyer must:
  • be an individual or group of individuals;
  • complete their purchase before 25th March 2012;
  • pay no more than £250,000 for the property;
  • purchase a “major interest” (which means either freehold property or a leasehold property that has an unexpired leasehold interest of at least 21 years);
  • purchase a property that is wholly residential;
  • intend to occupy the property as their only or main residence; and
  • never previously have acquired a major interest (as described above) in residential property anywhere in the world.

To claim the relief a buyer must be able to satisfy all the listed requirements.
Continue reading