Yes, the increased 0% threshold for paying Stamp Duty for first time buyers has now ceased to exist following the latest budget, however there is still a crumb of comfort available for buyers with a little known area of relief known as Disadvantaged Area Relief [‘DAR’].
Currently the stamp duty rate of 1% applies to all properties purchased over £125,000 and up to £250,000, however DAR is available for purchasers of any residential property in certain areas with a purchase price of up to £150,000. If DAR is available then it could save you up to £1,500 in stamp duty fees as it extends the exemption level for stamp duty to £150,000 for properties situated in a qualifying area.
In addition, unlike the relief that was previously available, DAR applies equally to any purchaser whether a first time buyer or not.
This relief can prove crucial for buyers in being able to put forward offers and indeed in proceeding through to completion on a number of houses in the local area. It is possible to perform a postcode check on the HMRC website to see if the property that you are interested in buying does qualify for DAR by clicking the following link.
Currently the main wards in the local area which qualify for DAR are:
Stoke-on-Trent – Abbey, Berryhill, Brookhouse, Blurton, Burslem Central, Burslem Grange, Chell, Fenton Green, Great Fenton, Longton South, Meir Park, Norton Bradeley, Shelton and Tunstall North
Staffordshire Moorlands – Biddulph East
Newcastle-under-Lyme – Cross Heath, Holditch and Silverdale
For expert conveyancing advice, please contact Lee Pointon at our Cheadle office on 01538 754253 or email email@example.com