The acquisition of a primary residence in England and Northern Ireland is subject to stamp duty land tax (SDLT) that needs to be taken care of by one of the best mortgage advisors in Essex if the transaction price is greater than a certain threshold. SDLT may need a large down payment depending on the property’s valuation and category. The Land and Buildings Transaction Levy and Land Transaction Tax replace stamp duty in Scotland and Wales. We, as one of the best stamp duty calculator London, provide a straightforward stamp duty calculator for your use in determining the amount of tax that is owed.
Which First-Time Buyer SDLT Exemptions Exist?
Starting on July 1, 2021, first-time buyers in England and Northern Ireland will not be required to pay the stamp duty land tax on residential properties valued at up to £300,000. If your home sells for between £300,000 and £500,000, you’ll only pay 5% SDLT on the difference.
- To qualify, you must buy a principal home. You also can’t have owned or leased a residence in the UK or elsewhere. Ask a mortgage broker about stamp duty discounts for first-time homebuyers.
- Not being British is of no consequence.
- Starting on April 1, 2021, a 2% surcharge will be added to the existing stamp duty rates on residences priced at more than £40,000 that are purchased by non-UK residents.
What If Your Home Doesn’t Sell?
You will be subject to higher stamp duty rates due to the fact that you would theoretically be the owner of two residences if you decide to put off selling your previous property after purchasing a new one. On the other hand, if the higher rate was included in the stamp duty tax that you paid, you might be eligible for a refund according to the mortgage advisor in Essex.
We, as a prestigious mortgage advisor in Essex, will never compromise quality for quickness. Since our mortgage brokers will ensure your offer is sensible and affordable, your application to your preferred lender will have the maximum chance of success.