Burghley's Guide to the Stamp Duty Holiday

Some of you may have heard the news about the stamp duty extension, for those who haven't, If you’re buying your primary property up until 30th June 2021, you will not have to pay Stamp Duty on properties for the value of up to £500,000. In this article we will take a look at how you can benefit from this, and we will use some real examples to show how much money you could save.

Can I benefit from this stamp duty holiday?
You can reap the rewards on the first £500,000 of the property if…

• You are a first-time buyer or you have previously owned a property
• This is your main property
• You are buying freehold or leasehold
• You complete on a property before 30th June 2021
• You are purchasing in England or Northern Ireland

You will not get exemption from stamp duty if…

• Your property costs over £500,000 (but you still benefit, we will explain further down)
• This is your second (or more) property
• You are purchasing a commercial property

So, let us put that into real life context by looking at two properties currently on sale through Burghley’s Estate Agents…
Property one – a one-bedroom apartment with a value of: £475,000
This property qualifies for the full stamp duty exemption as it is residential and under the value of £500,000 meaning the buyer saves £15,000 and pays £0 stamp duty!

 
Property two – a three-bedroom apartment with a value of: £1,100,000
Although this property is valued over £500,000 you can still benefit, as the first £500,000 is stamp duty free. This means that previously stamp duty would have been £53,750, but currently it is only £38,750 as £15,000 has been taken off (due to the first £500,000 being stamp duty exempt).

 
Hopefully these two properties demonstrate how beneficial this current stamp duty situation can be, even if the property is over £500,000. If you are looking to move or want to know more about stamp duty, get in touch with our friendly team: 020 7267 0100 / team@burghleys.com