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ALL THE LATEST NEWS, VIEWS AND STORIES FROM AROUND YOUR LOCAL AREA:FEBRUARY/MARCH


 Buyers. The Changes


In the 2017 Autumn Budget the Chancellor announced 


This means that for any first time buyers buying their first home they will not have to pay any stamp duty land tax (SDLT) up to a purchase price of £300,000. Where the purchase price is over £300,000 but does not exceed £500,000 they will pay 5% on the amount above £300,000.


This is great news for all first time buyers out there, but for your legal team there are a few things that we need to go through with you to ensure that you qualify.


On completion of any purchase of £40,000 and above we must complete a Land Transaction Return on your behalf which gives the HM Revenue & Custom all the information they need to know about your purchase. On this form we will need to enter a special first time buyer code to claim the relief.


Before we can complete the form and lodge the code, we will need to get you to sign a declaration to confirm that you are first time buyer and have never owned or previously acquired or had any major interest in a property before either in the UK or anywhere else in the world. This can include a property which you may have inherited. If this is the case then you are unable to claim first time buyer relief.


You must also declare that you intend to occupy the property as your only or main dwelling.


If you are buying the property jointly then both of you will need to be first time buyers and be able to declare as such to qualify for the relief. Unfortunately, even if one of you may have owned and subsequently


sold a property, thus being in the same position as a first time buyer, you cannot claim the relief.


left to right Kathryn Hill Diane Watson


Rachael Holliday


It is predicted that these new changes will help up to 95% of first time buyers in England, Wales and Northern Ireland. This relief applies to anyone purchasing their first home from 22nd November 2017.


Stamp Duty Relief, along with Help to Buy ISAs, is there for first time buyers to get on the property ladder and realise their dream of owning their first home when it has previously felt out of reach.


Here at Burnetts, we have a wealth of experience to guide you through the legal process dealing with all aspects of your house purchase. So whether you are a first time buyer, moving up the property ladder, downsizing or looking for that investment property, get in touch today on 01900 510366, e: kah@burnetts.co.uk or visit www.burnetts.co.uk/MovingHome to use Burnetts’ free conveyancing calculator.


Chartered Legal Executive Kathryn Hill is Head of Conveyancing at Burnetts.


Expert legal advice on your doorstep


        


  


       


01900 510 366 3c Lakeland Business Park, Lamplugh Road, Cockermouth. CA13 0QT e: ts@burnetts.co.uk www.burnetts.co.uk/WestCumbria


WWW.THECOCKERMOUTHPOST.CO.UK ISSUE 423 | 22 FEBRUARY 2018 | 19


Cockermouth


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