There is currently exemption on Stamp Duty Land tax for first time buyers who meet certain required criteria for purchases of residential property between £125,000 and £250,000.
In the recent budget announcements, the Chancellor, George Osborne said that this exemption will not be extended beyond the original deadline date of 25 March 2012. For completions taking place after this date on purchases of residential property between £125,000 and £250,000 1% Stamp Duty Land Tax will be payable.
If you are considering buying your first home, either now or early in the new year, you should be aware that with transactions taking typically 6 -8 weeks, it is vital to act quickly if you do not want to incur this cost.
This information is brought to you by TWM your local solicitors in Epsom.