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Bored Of Your Four Walls?


Bored Of Your Four Walls?
August 2020
You have probably spent more time than ever before in your own home. As a result there has been a boom in home improvements, but for many that isn’t enough and they want to escape their four walls and move.

 

Time To Take Advantage Of The Government
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.

 

The Stamp Duty table now looks like this:
Property or lease premium or transfer value            Stamp Duty rate
Up to £500k                                                                     0%
The next £425k                                                                5%
The next £575k                                                                10%
Remaining                                                                        12%
The new Stamp Duty rules replaces the first time buyer rules.

 

Is Now The Time?
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.

 

Important To Remember
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.

 

Help
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.

 

Moving home? Contact Beacon Wealth Legal for all your conveyancing needs.