Ensure your conveyancing is complete by March 31st to avoid the stamp duty increase
By z4027672030, Jan 7 2016 05:19PM
First announced by George Osborne in the Autumn Statement, a higher rate of stamp duty is to be brought in after March 31st for buyers of second homes and buy-to-lets, meaning now is the time to arrange the conveyancing on your second or buy-to-let house in order to avoid the extra charges.
With just four months remaining, it is likely to be a very busy time for the conveyancing profession, as several buyers will be pushed to complete their purchases before March 31st, and so taking action quickly is essential.
The increased rate of stamp duty was brought about in order to help ease the housing shortage, and means that anyone buying additional residential property will have to pay an additional 3 percentage points on their stamp duty from April 1. This addition therefore means there will be 3% tax to pay on homes worth up to £125,000, 5% on homes worth between £125,001 and £250,000, 8% on homes worth between £250,001 and £925,000, 13% on homes worth between £925,001 and £1.5m, and 15% to pay on homes worth over that amount.
If you’re buying a North Devon property as a second home or as a buy-to-let, get in touch with Taylors Solicitors today, who offer a fast, friendly and professional conveyancing service, to see if we can help you before the stamp duty increase takes effect.
Image: David Hawgood, available under Creative Commons