- October 2020
Is now the time to buy?
What you need to know
On the 8th July 2020 the Government announced a Stamp Duty Holiday until the March 31st, 2021. Therefore if you are looking to purchase a residential property, you will not be eligible to pay stamp duty on the first £500,000. This is a substantial saving for those looking to move to a larger property. For example, the saving in stamp duty on an average-priced house in Suffolk (costing around £270,000), would be £3,500.
The Government has indicated that the rate will revert to those in place prior to the 8th July 2020 as of the 1st April 2021. With this in mind, the early part of next year could see a very hectic property market with customers being keen to complete their property purchases before the deadline.
Please however do be aware that if you are buying an investment property and own other properties, the stamp duty rate is currently 3% up to a value of £500,000. You will find there is a small reduction for people looking for additional investment properties.
Jackamans recently welcomed Sam Alvin to the Felixstowe office. Sam has joined Residential Conveyancer Jonathan Cox, and both will be happy to help you with any of your property law requirements. (Some of you may remember Sam as she worked for some time at our Ipswich office.)
Jonathan and Sam can offer help with any legal aspect of your transaction including:
Buying or selling your home
Buying or selling investment property
Transfers of equity
Equity release plans
Deed of gift
At each stage you will be kept up-to-date with the progress of your transaction and the costs involved.
For further information call 01394 279636, email Sam or Jonathan, or visit www.jackamans.co.uk.