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First Time Buyers - a race against time to buy property and save up to £2,500
If you are thinking about getting onto the property ladder, one of the best tax incentives to help you is about to end.
In order to qualify for tax exemption from the 1% stamp duty, given on homes costing between £125,000 & £250,000, you need to act now. It could mean up to £2,500 off the cost of buying your home. This tax relief ends on 24th March 2012.
Finding the right home within the right budget is the first step. Our YOUhome properties listed for under £250,000 are flagged here to show which homes you should focus on. To see if you qualify as a first time buyer, visit the govt. website here.
Can you meet the March deadline? it is possible to meet the deadline, but you will need to act fast. To help you understand the key steps to buying your home in time, here is our to do list:
Firstly, begin your property search here at YOUhome. Check our website listings. review all homes within your price bracket. Call us to make your search go faster, we can help meet your specific needs and arrange viewings.
Next, sort out your finances: get your mortgage in place. Research online at moneysupermarket.com and consult a mortgage adviser. Be clear on the amount you can borrow. Could family help with a deposit for example?
By early February you really need to have made a decision on the home you wish to buy. Make an offer. Once accepted, apply for the mortgage. Is your seller in a chain? This could slow things down.
At this time you need to engage your solicitor: the legal process can take ten weeks, so you will need to ask for a fast service.
By early March you need to be exchanging contracts. Your solicitor is key. Don't lose sight of your mortgage application now either.
Complete your purchase by Friday 23rd March and you will qualify for the tax break of up to £2,500. Your moving in date can now be flexible.
Time waits for no man, and in our opinion, it's really is worth making the extra effort to benefit from this fast disappearing tax incentive.
Tags: first time buyers, stamp duty, homes, flat, mortgage calculator,
© YOUhome® Published 27/01/2012