Time is running out for first time buyers!

From March 2010 first time buyers were exempt from paying stamp duty land tax for on all properties purchased upto a value of £250,000. At 1% of the purchase price this represents a saving of up to £2,500, meaning buyers have more money to put towards their deposit.

Beware… the exemption for first time buyers is coming to an end on 24 March 2012

With many first time buyers trying to purchase their first home before the tax exemption deadline, VitalSpace are working closely with those first time buyers who are able to purchase before March 2012 to guide them through a difficult and challenging market place.

Completion is key

It's important to note that the exemption will continue to apply only if completion occurs on or before March 23rd, not exchange of contracts. This is the agreed date you will actually move into the house having first paid the full balance of the purchase price to the seller through your solicitor.

If you've only exchanged contracts (paid the deposit to your solicitor and agreed a completion/moving date) by that time you won't be eligible for the relief and will have to pay stamp duty on top of any other costs.

Act as quickly as possible

It's difficult to give standard timescales for conveyancing - the legal requirements involved in the process of buying and selling a house. How long it takes depends on several factors, such as whether there is a chain involved, time of year, how quickly all the solicitors process the paperwork, condition of the property, availability of mortgage finance etc.

In most cases with first time buyers the chain, if any, is usually quite short, so a typical, straightforward transaction could be completed in around eight weeks or so. Whatever the circumstances, first time buyers should act as soon as possible. A saving of 1% may not seem like much, but it could go some way to paying for that dream fitted kitchen or any other household purchase you need to make a house into a home.

Stamp duty thresholds

• 0% payable on properties to £125,000
• 1%: payable on properties from £125,000 up to £250,000 (first time buyers exempt - ends March 24th 2012)
• 3%: payable on properties of £250,000 to £500,000
• 4%: payable on properties of more than £500,000
• 5%: payable on residential properties only more than £1 million

Mortgages

Urmston Estate Agents, VitalSpace work alongside carefully selected Independent Financial Advisors and together we are privileged to be able to offer 95% LTV mortgage packages fixed over a 3 year term.

If you have any queries or questions, please don’t hesitate to contact us on 0161 747 7807 – or visit our Urmston property listing pages for a full list of homes in Urmston.

VitalSpace Estate Agents