With the changes to Stamp Duty Land Tax announced in the 2018 Autumn Budget, there
has never been a better time to get on the property ladder.
Buyers of Shared Ownership properties valued at under £500,000 are now exempt from
paying Stamp Duty, while those that have purchased a property for less than £500,000
under the scheme within the last year are eligible for a refund for the tax they have paid.
This is a marked increase from the 2017 budget which saw first time buyers exempt on the
first £300,000 of any property purchased in England, Wales and Northern Ireland, which can
be seen as a concerted effort on the Government’s part to increase the number of first time
buyers (FTBs) and duly backed by the Spring statement which proclaimed the number of
FTBs to be at an 11 year high.
Yesterday’s announcement shows a continuation of this trend, meaning the time is right to
get a foot on that all important first step of the housing ladder, something that the Shared
Ownership scheme has been particularly useful in doing.
DWS Legal are experts in first time buyers, dealing proficiently with Help to Buy Equity Loan and
ISA schemes, and being named specifically as one of Help to Buy’s chosen, panel solicitors (https://www.helptobuylondon.co.uk/useful-information/solicitors).
At DWS Legal, we understand that buying your first home can be a daunting experience,
which is why we treat all cases with the diligence, attention and care that they deserve,
through staff that are experts in all aspects of the buying process.
If you want further information on how the Stamp Duty changes or buying under the Shared
Ownership scheme can benefit you, please contact the office.
0116 2999 199