Liverpool lawyers warn: tax relief to expire for first time buyers

by James Horridge. Published Tue 31 Jan 2012 16:35, Last updated: 2012-01-31

Property solicitors are warning that first time buyers will no longer be able to take advantage of stamp duty land tax relief from next month (March).

Leading conveyancing lawyers at Merseyside firm Maxwell Hodge are advising that any transaction with an effective completion date of 25 March 2012 or later cannot benefit from First Time Buyer SDLT relief, irrespective of the date of any contract or agreement.

Maxwell Hodge’s residential property and conveyancing specialist Daphne Bridson says: “Time is running out for first time buyers to take advantange of stamp duty land tax relief, which can make a real difference for people trying to get their first step on the property ladder.”

First time buyers of residential property can apply for SDLT relief if the effective date is before 25 March 2012; the value of the property is £250,000 or less; it will be the buyer’s only or main home; and they have not previously owned property or land – including property bought with anyone else.

Daphne adds: “However, for people who want to move fast there is still time to complete a purchase before the threshold is raised, and I would recommend seeking professional legal advice sooner rather than later.”

Maxwell Hodge is one of the region’s leading law firms operating from eight offices stretching from Formby to Wirral with a city centre office in the heart of Liverpool’s business district.
The firm is a member of the Law Society's elite Conveyancing Quality Scheme.

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