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Stamp Duty Land Tax is a government charge levied on all residential property purchased above £125,000, below this level is exempt from any charges. There are also certain areas throughout the country where other exemptions apply. However, exclusively for First Time Buyers (people who have not appeared on a Land registry document previously) a temporary relief exists from £125,001 to £250,000 until 24^th MARCH 2012 just two months away!

 

Once this relief ends, Stamp Duty thresholds for first time buyers will revert back to the former level falling in line with all other buyers, meaning any purchase from £125,000 to £250,000 will incur a 1% charge of up to £2,500. Unfortunately, the more expensive the purchase, the more stamp duty increases. All current thresholds are listed below:

 

Up to £125,000                  Exempt

£ 125,001 - £250,000        1% (Temporarily Relieved for First Time Buyers Until 24^th March 2012)

£ 250,001 - £500,000        3%

£500,001 - £1,000,000      4%

£1,000,001+                       5%

 

Don’t worry, there is still time to find, buy and complete on that first house, but the clock is ticking!

 

Click the link below to view all our properties exempt from stamp duty for first time buyers now!