Mark out stamp duty at the start

Stamp duty hit the headlines back in 2017 when the Government announced that it would be axed for first time buyers on homes up to £300,000.

So far so good, even for those moving up the property ladder there is no stamp duty on the first £125,000 of a purchase. This is followed by incremental percentage increases at price points.

However, it is always worth getting expert advice at the start if your purchase is a little more complex.

An article in the Guardian recently offers a salutary lesson for a prospective buy to let landlord.

In this case, the buyer intended to purchase a second home and use this as their main residence while renting out their old property.

They had different estimates of stamp duty to pay, of £11,000 and £23,600.

Unfortunately for them, new rules introduced in November 2017 meant that the higher figure applied.

The full explanation can be found here:

https://www.theguardian.com/money/2018/may/29/im-buying-a-second-home-how-much-stamp-duty-will-i-pay

Our advice is always to get advice at an early stage for all elements of your property transaction.

The Portsmouth Property Association is the best place to start locally for well-established, reputable firms with years of experience and professional expertise under their belts.

You can always call into our office to discuss any queries too.