The countdown is on for the start of the stamp-duty hike, coming into effect from the 1st April 2016. Whether you’re an agent, a conveyancer, or, of course, a home-buyer, what do you need to know about the changes?
Here at MoveIT, we’ve got the answers.
Who will be affected?
From 1st April 2016, those purchasing their second-home will be required to pay a stamp-duty charge of 3% for the first £125,000 and 5% between £125,001 and £250,000.
Those home-owners who already own a portfolio of properties, or even a second-home will not be affected, as stamp-duty rises will kick-in from April 1st 2016.
Married couples and those within a civil partnership will also be treated as an “individual” for the purposes of the new riles, meaning that if one-half of the couple already owns their own home, any purchase by or with the second half will also be subject to higher rates of stamp-duty. The same also goes for parent who help their children get onto the housing ladder by jointly buying a house.
What does this mean?
As with any deadline, Osbourne’s Stamp-Duty change has led to an increase in buy-to-let purchases to ensure they complete before the start of April. So much so that buy-to-let applications were up nearly 30% in January compared to December.
Such a stampede has also meant that conveyancers have had little time to deal with the flood of investors hoping to complete their property purchase before the stamp duty hikes come into play.
How can MoveIT help?
With changes quickly coming into play, agents using MoveIT as a home-mover price comparison tool will have the opportunity to share quotes including conveyancing quotes to those buying their next property, giving home-buyers all of the information they need to know about the costs involved within their purchase.
From 1st April 2016, second home-buyers and buy-to-let investors will automatically receive their conveyancing quotes based upon the additional 3% stamp-duty charge via MoveIT, keeping home-buyers in the know.
Join the MoveIT Network today, email [email protected] to find-out how MoveIT can help you.
