Laceys Solicitors Laceys is a leading, forward-thinking law firm with specialist experts serving both individual and business clients across a broad spectrum of practice areas.

Navigation
If Social Services have notified you about legal proceedings concerning your child please call 01202 377995.

News

Back

House Key

Stamp Duty Cuts. What this means for first time buyers.

27th November 2017 by John Munro

Categories: What's New?
Tags:

As of 22 November 2017, first-time buyers completing the purchase of their first home for the value of £300,000 or less will pay no Stamp Duty Land Tax (SDLT).

Where the purchase price is over £300,000 but does not exceed £500,000 they will pay 5% on the amount above £300,000. The relief is not available where the purchase price is over £500,000.

For example, the tax due on the purchase of a dwelling by a first-time buyer for £450,000 would be £7,500, calculated as follows:

Property Value Rate SDLT payable
On the first £300,000 of the purchase price 0% £0
On the remaining £150,000 5% £7,500

It is estimated that as a result of the change, 95% of first-time buyers will benefit from a reduced SDLT bill.

Who can benefit from the relief?

In order to qualify as a first-time buyer, a purchaser must not, either alone or with others, have previously acquired a freehold or leasehold interest in either a dwelling or land situated anywhere in the world.

If a property is to be purchased by more than one person, all purchasers must satisfy the above criteria in order to benefit from the relief. If one of the purchasers has owned a residential dwelling or land before, either alone or with others, the usual SDLT charging rates will apply.

The property must be purchased in the name(s) of the first time buyer(s). The relief does not apply to a company purchasing a property for the first time.

Which properties can benefit from the relief?

The relief will apply to properties purchased in England, Northern Ireland and Wales up until 31st March 2018, but excludes Scotland.

The property must be a single dwelling and the first time buyer(s) must intend to occupy the dwelling as their only or main residence. The relief will therefore not apply to purchases of non-residential property or property of mixed use, for example, the purchase of a commercial shop with a residential flat above.

If you have any further questions please email j.munro@laceyssolicitors.co.uk or call 01202 557256 and any of our property department would be happy to help.

John Munro

Partner — Commercial and Residential Property

Direct dial: 01202 377839

Email

John Munro, head of Property, Laceys Solicitors
  • “John Munro was friendly and very approachable, advising me with a clear depth of knowledge and experience. I have since recommended him and will do so if asked in the future.”

    N. Pitts-Crick

  • “Having dealt with Laceys on many a sale and purchase I’ve always found them to be efficient, knowledgeable and attentive. I wouldn’t hesitate in recommending them to family, friends and clients.”

    Stuart Cockram - Frost and Co

  • “We have always been very happy with the service provided by Laceys Solicitors, in both our business legal requirements and domestic property conveyancing.”

    Mark Edney

  • “You are our solicitor Superhero! Very grateful. ”

    Maria - Tom Frowde Architects

  • “Changing solicitors is not to be undertaken lightly. However really impressed with the way that John Munro and his associates have dealt with us over the last couple of years in a variety of complex property related transactions and on the commercial and personal front as well. We look forward to working with them going forward.”

    Malcolm Tice, Director - Tice & Son Ltd

John joined Laceys in 2001 on a training contract, having completed a Post Graduate Diploma in Law in 2000, and qualified as a solicitor in 2003. He is now the Head of the Commercial and Residential Property Departments.

He is also the firm’s Senior Responsible Officer under the Law Society Conveyancing Quality Scheme (CQS) with overall responsibility for the management of the property team and their delivery of the excellent service that our clients have come to expect.

John acts in his own capacity for a number of commercial property owners, developers and investors, but also allocates time to ensure his team are up to speed with changing law and professional regulations and clients are provided with members of the team who possess the right skills to deal with their individual requirements, delivering projects in the most time and cost-efficient manner.

Outside of work John seems to spend a great deal of time ferrying his children around but occasionally gets to put his feet up and listen to his eclectic collection of vinyl. He is also not averse to a good cheeseboard and a glass of IPA.

Related articles

House Key

Freehold v Leasehold. Make sure you know what you are buying.

If you are thinking of purchasing a property, it is vital you know what tenure it is...

Read Article

Adverse possession explained

Adverse possession, sometimes referred to as squatting, can give someone legal ownership of land if they have...

Read Article

Close X