Norman Saville & Co reveals their top tip for First Time Buyers
This little known law means you may not have to pay Stamp Duty Land Tax when you buy your first property. Every penny counts and this tip could save you up to £2,500!
The Disadvantaged Areas Relief is little known legislation that reduces the Stamp Duty Land Tax for new first time buyers of residential property in areas defined by the government as disadvantaged. There are over 2000 areas covered in England and Wales. Do you know if your new home is in one of these areas?
Norman Saville & Co conveyancing Solicitors can tell you instantly whether your property falls within the Disadvantaged Areas Relief regions. Alternatively HM Revenue and Customs have a facility on their website where you can enter your postcode however it does not include new builds.
If you live in England and Wales, the free or discounted Stamp Duty Land Tax will apply to residential and mixed use properties in regeneration areas. That may be an inner city area, or wards undergoing redevelopment.
Norman Saville & Co has a list of all wards and districts affected by the Disadvantaged Areas Relief legislation. Buying a house? Get a quote from Norman Saville & Co conveyancing Solicitors for your conveyancing. They will explain your quote in full, including and Stamp Duty Land Tax relief. Norman Saville & Co conveyancing Solicitors trade under the brand UK Convey.