Property lawyer urges first time buyers to speed up purchase to save money
A county solicitor warned that first time buyers who are considering buying property this year could suffer a substantial financial impact on their transaction unless they can complete their purchase before March 25th.
Richard Lloyd, Partner and Head of Property at the Oswestry offices of GHP Legal said: “Since 25th March 2010 first time buyers have been exempt from paying stamp duty land tax (SDLT) on properties purchased for £250,000 or less. But SDLT relief for first time buyers will expire on March 24th 2012, with no transitional provisions. This means any transaction with an effective completion date of 25th March 2012 or later cannot benefit from SDLT relief, irrespective of the date of any contract or agreement.
“I would therefore urge first time buyers in the area to consider making a decision on a potential property purchase immediately. For those people who already have a purchase underway they should rally all parties in the deal to ensure completion takes place by March 24th.
