Menu
 
01525 378 177
 

Request a Brochure


* required
Send my newsletter by:
 

Request Your Free Life Organiser



* required
Send my newsletter by:
 

Sign Up To Our Quarterly Newsletter



* required
Send my newsletter by:
 

News & Articles

Osborne Morris & Morgan > News and Articles > Conveyancing > Most first-time buyers set to benefit from the Autumn Budget 2017

Most first-time buyers set to benefit from the Autumn Budget 2017


Posted on 23 Nov 2017, in Conveyancing
 

The Autumn Budget 2017 has been announced and a stamp duty system has been put into place to help the majority of first-time buyers get onto the property ladder.

With immediate effect, those buying their first home in England, Wales and Northern Ireland will pay zero stamp duty on purchases of up to £300,000 and 5% of the portion if over £300,000 and up to £500,000.

The changes will mean 80% of first time buyers could be exempt from stamp duty tax and save them up to £5,000 for a property purchase price of £300,000.

Most first-time buyers set to benefit from the Autumn Budget 2017

With change can come some uncertainty, so we thought we would help by answering some questions you may have…

I am buying my first house. How much Stamp Duty Land Tax (SDLT) do I have to pay now?
The new stamp duty rates for first-time buyers in England, Wales and Northern Ireland, who are purchasing up to £500,000, will pay as follows:

Up to £300,000 purchase price: 0% stamp duty
£300,000 to £500,000: 5% (on that portion of the purchase price)

I’m buying a home with someone who is not a first-time buyer, do we benefit from the new system?
Sadly no, both purchasers must be first-time-buyers in order to qualify for the lower rates.

What if my first home is costing over the £500,000 threshold?
Unfortunately, you will not benefit from the new changes to the Stamp Duty Land Tax and the standard system will apply.
The standard Stamp Duty Land Tax system
The following standard stamp duty system will apply if you are purchasing your first home and the purchase price is over £500,000 OR you are not a first-time-buyer;

VALUE

Up to £125,000

The next £125,000
(the proportion from £125,000 to £250,000)

The next £675,000
(the proportion from £250,000 to £950,000)

The next £575,000
(the proportion from £925,000 to 1.5 million)

The remaining balance from 1.5 million

RATE

0%

2%
(

5%
(

10%
(

12%

An example….

Property value at £550,000

0% on the first £125,000

2% on the next £125,000

5% on the next £675,000

TOTAL TAX DUE: 

 

£0.00

£2,500

£15,000

£17,500

Please note, Stamp Duty Land Tax is very individual to each client, other questions may be required to confirm the correct tax is being paid.

Osborne Morris & Morgan- the conveyancing experts
We are proud to provide outstanding residential conveyancing services to clients in Leighton Buzzard, Milton Keynes, Bedfordshire and beyond.
When you instruct Osborne Morris & Morgan for any of your conveyancing matters, you will find that we provide a proactive service and will communicate clearly with you all the way.
You will be looked after by our small team of dedicated property solicitors who will keep you fully informed every step of the way.

Quality Conveyancing
Osborne Morris & Morgan are an accredited member of the Law Society’s Conveyancing Quality Scheme (CQS). As accredited members, we have passed a rigorous process to obtain membership to this exclusive scheme. We are proud to provide a quality standard service for all our clients.

To speak to one of our Conveyancing experts, please contact us on 01525 378177.

01525 378 177

Lines are open Monday to Friday 9.00am to 5.30pm

Contact us online

We aim to respond within 12 hours of receipt of any email received

Accreditations & Awards



Milton Keynes & Leighton Buzzard Teams SME Business Awards Winner 2018Osborne Morris & Morgan have double the reason to celebrate after winning, not one, but two awards at this year’s SME Bedfordshire Business Awards.

The firm were delighted to receive the ‘Leighton Buzzard Business of the Year’ and also the ‘Training & Development’ award for their continuous commitment to investing in their employees.

 
Headway Lexcel Law Society Accredited Certainty the National Will Register
Law Society Conveyancing Quality Accredited
Clinical Negligence Accredited - The Law Society
Bedfordshire Businesswomen Finalist 2018
riliance excellence in compliance
Bedfordshire Business Enterprise Awards Winner
Top Ranked Chambers UK 2015
Top Ranked Leading Firm - Chambers UK
apil logo
AVMA logo Cyber Essentials logo