On 22 November 2017 relief from stamp duty for first time buyers was introduced. The relief applies to purchases of residential property for £500,000 or less, provided the purchaser intends to occupy the property as their only or main residence.

In order to count as a first time buyer, a purchaser must not, either alone or with others, have previously acquired a major interest in a dwelling or an equivalent interest in land situated anywhere in the world. This includes previous acquisitions by inheritance or gift. If the property is purchased jointly, all purchasers must meet these conditions. First time buyers purchasing their first home for £300,000 or less will pay no SDLT. Where the purchase is over £300,000 but does exceed £500,000 they will pay 5% on the amount above £300,000.

mosshaselhurst solicitors are award winning property solicitors and very experienced in property purchases. We are members of the Law Society’s Conveyancing Quality Scheme and are happy to talk to you about any questions that you have about the changes to Stamp Duty for first time buyers. Call us today on 01606 74301.