In the last budget the Government announced it will be waiving stamp duty for first time buyers, which was a very welcome step to aid those trying to get their foot on the first rung of the property ladder. With ever increasing property prices, in recent years it has become more and more difficult to save the deposit needed to purchase that much sought after starter home. On top of the deposit, first time buyers need to budget for legal fees, survey and mortgage fees, and until November this year, Stamp Duty Land Tax. On a first time purchase of £275,000 Stamp Duty alone was a further £3,750. With the November budget announcement this is now waived for first time buyers purchasing a property up to a value of £300,000.
Other help already available to First Time Buyers is the Help to Buy ISA which provides a bonus payment for those First Time Buyers purchasing for less than £250,000 (or up to £450,000 in London) and can provide a further boost to savings of up to £3,000.
This is all great news for new comers to the property market, meaning that the dream of owning a property can be a step closer.
So, what next once you’ve saved that hard earned deposit? Karen Liddiard, a Chartered Legal Executive and Head of Residential Conveyancing at Harold G Walker, recognises just how daunting the Conveyancing process can be. “Some buyers find it difficult to know where to start. I would recommend doing your research and avoiding the temptation to rush into making a decision. Its very easy to get carried away but its important to take the time to consider your options. It is really important to choose a Solicitor who you can trust and who will be on hand to guide you through the process. I would recommend using a local firm, who you can speak to face to face to run through any questions you may have and who can help you with the paperwork. At Harold G Walker we pride ourselves on our friendly and approachable service, and having had a presence in the local area for over 70 years, we have the knowledge and expertise to help you make the right decisions with confidence.”
For further information please contact our Conveyancing team.