Those looking to get on the first rung of the property ladder have until 24th March 2012 to buy their home if they want to take advantage of the stamp duty holiday.
Currently, first time buyers do not pay any stamp duty land tax on properties priced up to £250,000. Properties worth less than £125,000 are not subject to the stamp duty land tax for any buyer.
If you are not a first time buyer, you'll still have to pay the 1% rate between £125,000 and £250,000. First time buyers paying more than £250,000 for a property will pay the normal stamp duty land tax rates.
The challenge today is not finding a property but having a sufficiently large deposit to secure a competitively priced mortgage.
It does seem rather essential to have a good sized deposit, probably in the region of 20% of the purchase price, to assist with a purchase and those who do not have the bank of "Mum and Dad" to fall back on, may have the option of buying through a new government sponsored scheme which will offer 95% mortgages on new build properties.
A launch date is yet to be confirmed but it is likely that it will be early this year.
It is anticipated that some lenders will launch a similar scheme this year - watch this space.
For more information contact Glanvilles Property Services Team on 01983 527878 or visit www.glanvilles.co.uk
Buying and selling a home is supposed to be one of life's more troublesome experiences. However, contact Glanvilles experienced Residential Property Team and we'll get things moving as smoothly as possible for you, right from the very start.
The Glanvilles team is friendly and approachable, so you can talk openly with one of our specialists and ask all the questions you want to. We'll give you straightforward answers and carry out all the legal work involved in the transaction, swiftly and thoroughly. We will keep you up to date with progress and do our utmost to ensure all parties meet your specific requirements and deadlines. As a Glanvilles client, we always put you and your home first.
Glanvilles are Lexcel and Conveyancing Quality accredited by the Law Society.
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