Stamp Duty Warning
Published ¤ 28/10/2009
A word of warning - the stamp duty threshold will be reduced to £125,000 as of 1st January 2010. This leaves only 2 months to complete any house purchase you may be considering.
The stamp duty threshold was increased on 3 September 2008 to £175,000. This means that if you buy a property and the purchase price is £175,000 or less you will not pay any stamp duty.
We thought it would be a good time to remind you that there are only 42 working days until the threshold returns to £125,000. As the average purchase application takes around 39 days (source: Nationwide) to complete you'll need to get your application in soon if you want to take advantage of this discount.
We understand that with purchase cases, the completion date is mostly out of your control but to have a mortgage offer in place as early as possible will give you the best possible opportunity of avoiding stamp duty.
The current £175,000 threshold will remain in place up to and including 31 December 2009. The threshold should then return to £125,000 unless the government extends the concession.
If you are considering such a purchase and would like to discuss your options, or would like to avoid the higher stamp duty costs, please call us on the number above, or click here to send us a message.
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