Stamp Duty! What Is Happening Now?

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The deadline is now SEPTEMBER

I am sure has come as a welcome relief to sellers and purchasers throughout the country. The nerves were starting to show in recent months with buyers confirming if they did not complete before the Stamp Duty window they may of had to pull out of the entire transaction which (if part of a chain) could have had disastrous impact on many people.

Nil Rate on purchases up to £500,000

This nil rate of home purchases up to £500,000 was introduced last year to stimulate the market, which worked very well indeed and now Mr Sunak has extended this to the end of September in his latest budget.

Staggered return between March and June

The relief is being staggered and between March and June will remain at 0% on properties up to £500,000.

From June, the first £250,000 of the purchase price will be exempt from the tax, before the allowance returns to its pre-pandemic level of £125,000 from the start of October.

This was welcome news to us here at MJR Solicitors, it was estimated around 100,000 transaction could be at risk of failing plunging the property market into a fair bit of chaos. Should the deadline of March been confirmed.

How can we help?

Moving forward we still feel as some opting there will be a bottleneck of cases, but we hope to alleviate your fears by utilising our latest introduction to the firm being our customer online portal available 24/7. We hope by keeping you in the picture with what is happening this will give you confidence in your property transaction. You will be able to physically see how your matter is progressing and respond on the portal.

Keep your details up to date!

We urge our customers to regularly log in to their portals, make sure all information is correct and up to date and keep us informed as to what you are planning and why.

We are here to help make your transaction a simple and effortless process, we cannot guarantee making the stamp duty holiday window but with the extension we’ve got a really great chance and we will do all we can, and you will be able to see our progress any time and any day! So, no hidden surprises.

It has been and will continue to be suggested for Mr Sunak to extend the SLDT holiday to allow transactions to complete or implement some sort of transition. Whatever the government’s decision we can promise you regular updates and you will be very assured we will be doing everything we can to make your transaction a simple and straightforward one.

First Time Buyers

On the positive side, if you are a first-time buyer, the rates will still be good after the deadline. First time buyers will get relief on Stamp Duty if the property purchase price is £500,000 or less.

In addition to this, a new Help to Buy scheme is to be set up until March 2023 to help buyers get on the property ladder.

If you wish to discuss this further or have any questions, then please do not hesitate to get in touch.

Contact us

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Telephone: 01243 945054

Mark Riley

Mark Riley is a specialist lawyer offering services including Wills, Estates Administration and Tax planning. Mark has studied around the world, including a few years in Australia. Whilst there he met many amazing and inspirational lawyers. He worked with a small boutique family firm, who’s approach was so laid back and friendly it “felt right”. He decided to bring that approach home where he hopes to continue with this ethos.
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