Be careful of that last minute chase to save stamp duty costs
The end of the year sees the UK governments stand duty reduction come to an end with properties valued between £125,000 and £175,000 attracting a 1% stamp duty charge from 1 January 2010. Currently the UK government has exempted property purchases within this specific range in an attempt to try and inject some confidence and interest into the UK housing market.
While there is no doubt that the reduction in stamp duty has attracted the attention of many homebuyers across the UK there is a feeling that an opportunity may have been lost because of the reluctance of UK mortgage lenders to increase liquidity. It is only now that UK mortgage lenders are encouraging homebuyers to speed up their purchases to avoid the 1% stamp duty payment, something which homebuyers need to be very careful about. Without doubt, the acquisition of a property will be one of the biggest and most stressful transactions which you will complete in your life and you need to be sure that everything is correct and in order.
Those who are potentially blinded by the opportunity of saving 1% stamp duty by completing before the end of the year may well live to pay the price if they have rushed in and acquired a property which was possibly not "100% right" for them.
Share this..
Related stories
Billy Bragg threatens to withhold his UK taxes
Singer, songwriter and political activist Billy Bragg has today threatened to withhold his UK taxes unless the UK government acts to curb the spending plans of Royal Bank of Scotland. There is a suggestion that Royal Bank of Scotland, 84% owned by the UK taxpayer, is ready to pay out £1.5 billion in bonuses this year at a time when UK taxpayers are still feeling the pinch and many are still losin...
Read MoreAre UK banks controlling the UK property sector?
Amid signs that the demand for UK property is bubbling below the surface, there is growing concern that UK banks are holding back the UK property sector. Despite the fact that there are now around 66% more mortgage arrangements available than at the start of the year, these financial arrangements are not within the grasp of many first-time buyers. So what is happening in the UK mortgage market?...
Read MoreIs the British Gas price reduction enough?
Despite the 10% reduction in British Gas's standard gas tariff the company has attracted growing criticism after the revelation that wholesale gas prices have fallen by 50% since UK gas prices peaked. The 10% reduction is seen by many as a "goodwill" gesture amid signs that UK government is looking to get tough with energy companies in the UK. Quite how they can justify retaining prices at current...
Read MoreFinancial sector showing signs of recovery
The UK financial sector is showing signs of recovery although the rate of recovery would appear to be less than some analysts had expected. A survey by the Confederation of British Industry has confirmed that 38% of those surveyed confirmed their volumes have increased in the last three months and 29% said they had fallen, which leaves a net increase of 9%. This is by far and away the largest figu...
Read MoreHave the banks really signed up to the new mortgage rescue plan?
Despite assurances by Gordon Brown in Parliament yesterday there is some confusion as to whether any of the U.K.'s top 12 banks have actually signed up to his mortgage rescue plan which was announced yesterday. A straw poll of the U.K.'s leading banks suggest that many were surprised he commented upon the signing procedure as nobody is aware of the fine print as yet. To suggest that the UK banks h...
Read More