Did you know the Stamp Duty Rates are changing again?
From 1st April 2025, the nil rate threshold, currently £250,000.00, will drop down to £125,000.00. Those who own additional property will continue to pay additional tax, starting at 5%.
For first time buyers, the current nil rate threshold of £425,000 will drop to £300,000.00.
Please see the below link to the Government’s stamp duty calculator to enable you to calculate the rates, if these are applicable to you.
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#!/intro
The process for buying and selling your house is a legal transaction and can take some time. Timeframes can very much depend on a number of factors to include mortgages, searches and if you are in a chain, so if you are looking to purchase a property, it is important that you instruct sooner rather than later to try and meet the deadline.
Our conveyancing team across our offices in Leicester and Leicestershire are available and happy to help. Get in touch to obtain your quote!
You can find out more about our Conveyancing team and expertise here.
To keep up with the latest legal news you can follow us on LinkedIn by clicking here.
Written by Trisha Parmar.
