Now’s the Time to Move with Reduced Stamp Duty and a Free Will

Sarah Ryan, Head of Private Client
Author:
Sarah Jones
Head of Residential Conveyancing
Date:
09/07/2020

I’m delighted that HM Government has decided to temporarily reduce Stamp Duty Land Tax (SDLT) rates for buyers in England.

We’ll take a look at the reductions shortly, but first I’m pleased to offer a couple of really great offers to help you whether you’re a new or existing client buying or selling a property. 

£100 Cashback When You Complete in 3 months

We’re offering you £100 cashback if you complete within 3 months. This applies to both buying and selling. We want to make sure you that you get through the process as quickly as possible – after all, none of us know what’s round the corner.

To be clear, this offer won’t just be available whilst the Stamp Duty reductions are in place – this will be an ongoing cashback offer of £100 to all clients who complete within 3 months.

Get a Free Will with Your Conveyancing

To make your money stretch even further during these tough times, along with your £100 discount if you complete within 3 month, when you use Simpson Millar to do the Conveyancing work on your sale or purchase, we’ll give you a free simple Will through our partner Bequeathed.

It’s so important to make a Will as soon as you buy or sell a property so that you can be certain that your share will go to the person you want to if you die.

Coronavirus has brought into focus the importance of making sure you have your future life planning in place and that it’s clear what your wishes are. A Will can help you to do that.

What about Coronavirus?

Our Conveyancing teams have been working remotely throughout the pandemic and we’ve helped lots of people to complete under these extraordinary circumstances.

We’ve put in place an exchange and complete process on the same day to avoid any frustration of contracts because of Coronavirus and our clients have been really happy with our service.

Read what some of them have said:

Rachael our solicitor was amazing. She kept us informed throughout the whole process, even through the COVID crisis our house sale was dealt with in a caring and professional way. It’s not been an easy sale but it helps when your solicitor is so good. Rachael’s communication is always perfectly articulated and timely, never left waiting or wondering. She’s a credit to Simpson Millar and I’d recommend her to anyone. Huge thank you.Lee
Susanna Cosgrove is an absolute asset to this firm, we found her to be professional, helpful and hard working when it came to our case. In the current situation too, I don’t think we would be in our new home if it wasn’t for her hard work on our case. I can highly recommend this firm based in Liverpool. We would definitely use again.Mrs Evans
Rachael McClean at the Southport office was absolutely fabulous particularly when we were finalising our sale during the uncertain times of COVID19.Debbie

How To Use Our Offers

All you need to do is talk to your Conveyancer when you start your matter with us and we’ll give you all the information you need to take advantage of a free Will.

Just tell us that you aim to complete quickly and we’ll do all we can to meet your timescales.

Reduction In Stamp Duty Explained

These new Stamp Duty rates will apply to any purchase completion that happens between 8 July 2020 and 31 March 2021 in England.

The new rates in this period are:

  • Up to £500,000 0% Stamp Duty
  • £500, 001 to £925,000 5% Stamp Duty
  • £925,001 to £1.5m 10% Stamp Duty
  • Anything above £1.5m 12% Stamp Duty

Any special rates that were in place for first time buyers are replaced by these new rates in the qualifying time period.

This is excellent news for anyone already planning on buying a property, but this could encourage people who were still saving up for their additional Stamp Duty Land Tax costs to move now and take advantage of the savings, which are significant.

Let’s looks at the savings based on the average house price of £247,000 in the UK.

On the old Stamp Duty rates, you’d pay £2,440. That’s 0% on the first £125,000 and then 2% on the remaining £122,000.

With the new rates, you won’t pay any Stamp Duty at all.

The rates above apply to first time buyers and anyone moving from one property to another in England.

If you’re buying a second property, you’ll still get reduced rates during this time period.

They are:

  • Up to £500,000 3% Stamp Duty
  • £500, 001 to £925,000 8% Stamp Duty
  • £925,001 to £1.5m 13% Stamp Duty
  • Anything above £1.5m 15% Stamp Duty

Make sure you take advantage of our offers on Conveyancing here at Simpson Millar, along with the Stamp Duty reduction on offer from the Government.

For free initial advice call our Conveyancing Solicitors

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Simpson Millar Solicitors are a national law firm with over 500 staff and offices in Bristol, Cardiff, Lancaster, Leeds, Liverpool, London, Manchester and Southport.