During the recent ‘Mini Budget’ Chancellor Sunak announced that the Stamp Duty threshold in England and Northern Ireland will increase – with immediate effect (8th July) – to £500,000 until 31st March 2021.This means that you will no longer have to pay Stamp Duty for a house up to the value of £500,000.
You will now only start to pay Stamp Duty on the amount that you pay for the property above £500,000.
These rates apply whether you are buying your first home or have owned property before.
Up to £500k 0%
The next £425k 5%
The next £575k 10%
Many people are already placing their homes on the market and looking for their next. The rush for some is because they can’t wait to escape their current four walls, others could have seen their circumstances or priorities change as a result of reflecting on their situations and moving is a part of this process, whilst others also want to try and take advantage of low interest rates.
If this time has taught us anything it is that we cannot always predict what is going to happen. Whether you are moving or not, it is important to remember to check and update your Will and Lasting Power of Attorney to ensure your wishes are fully met should anything ever happen.
Moving is rated as one of the most stressful times in anyone’s life but we are here to help try and ease the process as much as possible. With online and telephone appointments available we also have guides to help you along the moving process.