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A green, wooden house, held by a person, on top of wooden blocks spelling out "Stamp Duty"; our Conveyancing Solicitors discuss Stamp Duty in 2024, and how this could impact your property purchase.
The Family Building Society has proposed significant changes to stamp duty, particularly impacting elderly homeowners looking to downsize. These recommendations, as detailed in a report from Today's Conveyancer, aim to provide financial relief to this demographic, potentially reshaping the property market. 

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The Current SDLT Situation 

Stamp Duty Land Tax (SDLT) in England has seen some temporary adjustments which are significant for property buyers. These changes were introduced by the government on 23 September 2022 and are set to remain in effect until 31 March 2025. 

Is 2024 the Perfect Time to Buy? 

General SDLT Thresholds 

The nil-rate threshold for SDLT has been increased from £125,000 to £250,000. This means for property purchases up to £250,000, buyers will not have to pay any SDLT. 

First-Time Buyers 

There's an even more significant benefit for first-time buyers. The starting threshold for paying SDLT has been raised to £425,000, up from £300,000. Additionally, the maximum property value eligible for First Time Buyers’ Relief has increased to £625,000. 

Rates for Different Property Portions 

For home movers, SDLT is 0% for the portion costing between £0-£250,000, then increases progressively for higher amounts. 
First-time buyers will pay 0% on the portion costing between £0-£425,000, and 5% on the portion between £425,001-£625,000. 
For second homes or additional properties, there's a 3% surcharge on each SDLT tier. 

Commercial Properties and Investments 

While the main focus is on residential properties, SDLT also applies to commercial properties and investments, with different rates and rules. 

Payment and Additional Information 

SDLT is typically due within 30 days of completing a property purchase. There are also various circumstances where exemptions or reliefs from SDLT might apply. 

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Our solicitors offer their services on a clear fixed-fee or hourly rate, and accept personal injury claims on a no win no fee basis. 
We are the experts

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Here at MG Legal, our team of friendly solicitors are fully-qualified and have over thirty years' experience in helping clients just like you. 
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When you work with MG Legal, your solicitor will be in regular contact so you have step-by-step updates. 
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Multiple office locations. 

If you are looking to instruct our solicitors, we have offices in Garstang, Longridge, Lancaster and Lytham for your convenience. 
It's important to note that these measures are temporary and are aimed at supporting the housing market and facilitating home purchases. After 31 March 2025, the SDLT rates are expected to revert to their previous thresholds. 
Currently, homeowners, including those downsizing, are subject to stamp duty, which can be a substantial financial burden. This often discourages older homeowners from moving to more suitable properties, thus affecting the overall efficiency of housing stock usage. 

Proposed Changes to SDLT, and Their Impact 

The proposed changes suggest exempting downsizers from stamp duty. This could lead to several positive outcomes: 

Increased Market Activity 

By removing the stamp duty barrier, more elderly homeowners might be encouraged to sell their larger homes, making more properties available in the market. 

Benefits for First-Time Buyers 

As more homes become available, it could create opportunities for first-time buyers and those in the lower end of the property market. 

Overall Economic Benefits 

Similar to the effects seen during the pandemic's stamp duty holiday, these changes could stimulate the property market, leading to broader economic advantages. 

How This Affects You 

If these recommendations are implemented, here's how it could impact your property purchase: 

Easier Entry for First-Time Buyers 

With potentially more properties available and less competition for smaller homes, first-time buyers could find it easier to step onto the property ladder. 

Shift in Property Prices 

This influx of available properties might affect house prices, especially in the market for smaller homes and flats. 

MG Legal's Expertise 

At MG Legal, leading conveyancing solicitors with offices across the North West, including Lancaster, Longridge, Lytham, and Preston, we are closely monitoring these developments. Our property expert and director, Chloe Cardwell, advises clients to stay informed about these potential changes, as they could significantly impact both selling and purchasing decisions. 

Planning Your Next Move with MG Legal 

Whether you're a first-time buyer, looking to downsize, or somewhere in between, MG Legal is here to provide expert advice and guidance tailored to these evolving circumstances. 
For detailed and specific information about SDLT rates and their impact on your property purchase, it's advisable to consult with a finance professional

Why choose MG Legal, Conveyancing Solicitors? 

Clear, fixed-fees 

Fully-Qualified Conveyancing Solicitors 

Tailored Service 

Multiple Office Locations 

Decades of Experience 

Home Visits 

Tagged as: Conveyancing
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