Stamp duty – what’s it all about?


You may have seen in the press recently lots of talk about stamp duty for first time buyers. This is a tax that you pay whenever you buy a property, and is usually payable whenever the value of the property you buy is over £125,000. For the past two years there has been an exemption for first time buyers for all property up to £250,000 – a helpful saving when every penny counts towards a deposit. But this exemption is due to end on March 25th, so what happens then?


If you are buying outright, or with an Equity Loan scheme such as FirstBuy, then you will pay stamp duty if the property is over £125,000, at a rate of 1%. If you are buying a shared ownership home then stamp duty is a bit different, and you have two options.


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You can opt to pay a one off stamp duty based on the full market value when you buy, and not have to pay again if you buy more shares. Alternatively you can elect to pay stamp duty on just the share you buy, and pay nothing more until you buy further shares beyond 80%.


It’s a bit complicated, so it’s worth talking to your solicitor about this and which option to choose when you have reserved your new home.


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4 HomesinHants Roundup - Spring Issue on y y Quay


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