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Why You Should Act Fast: The Impact of the Upcoming Stamp Duty Increase
30 January 2025
If you’re in the process of buying property, there’s an important deadline on the horizon. Starting on April 1st, 2025, the government is set to raise Stamp Duty rates, which will increase the upfront costs of purchasing a property.
For many buyers, especially first-time buyers and those looking to buy a second home, this could mean paying significantly more than you would if you finalise your purchase before the new rates take effect.
At Aldridge Brownlee Solicitors, we’ve already seen a spike in inquiries from buyers eager to complete their transactions before the deadline. Here’s why it’s crucial to act now - and how we can help.
What’s Changing with Stamp Duty?
From April 1st, 2025, the Stamp Duty thresholds and rates will be increasing, meaning buyers will pay higher fees when purchasing a property. For many, this change could add thousands of pounds to their purchase cost. If you want to avoid paying these higher fees, you need to move quickly.
Why You Should Consider Acting Now
- Increased Costs: The new Stamp Duty rates will increase the total cost of buying a property. This could impact your budget, leaving you with less money for things like home improvements or furnishings. If you want to keep your purchase costs down, finalising your transaction before April 2025 is key.
- Market Frenzy: When a Stamp Duty hike is announced, the property market often sees a rush of buyers trying to complete deals before the new rates apply. This rush can cause delays, as more people seek mortgages, surveys, and legal services at the same time. Acting now helps you avoid the bottleneck of last-minute transactions.
- Mortgage Affordability: If you’re taking out a mortgage, the added cost of Stamp Duty could affect your borrowing power. Lenders reassess affordability based on your total purchase costs. By starting the process now, you can avoid potential surprises that may affect your mortgage application later.
How to Stay Ahead of the Game
- Less Competition: By acting now, you can get ahead of the busy spring market and improve your chances of negotiating a great deal on your dream property.
- A Smoother Process: Starting early means avoiding the delays that often occur when everyone rushes to meet the government’s deadline.
- Fixed Costs: Once you start the process, you’ll know exactly what your Stamp Duty liability is, allowing you to budget without any last-minute surprises.
How Aldridge Brownlee Solicitors Can Help You
We understand that buying a property can be overwhelming - especially when tax changes are looming. At Aldridge Brownlee Solicitors, our expert residential property team is here to guide you through every step of the process. Here’s how we can assist you:
- Step-by-Step Guidance: From making an offer to completion, we’ll keep you updated and ensure everything proceeds smoothly.
- Transparent Fees: Our fixed-fee conveyancing means no hidden costs or unexpected charges. You’ll always know what you’re paying.
- Expert Advice: Stamp Duty can be complicated, but our property team will explain everything clearly, so you fully understand your obligations before you commit.
Your Next Steps
Whether you’re buying your first home or adding to your property portfolio, it’s important to start taking action now.
- Begin Your Property Search: Start viewing properties to find the perfect one for you. The sooner you begin, the better.
- Get an Agreement in Principle: Speak with a mortgage advisor to determine how much you can borrow. Knowing your budget upfront will streamline your search and make your offers stronger.
- Instruct a Conveyancer Early: Once your offer is accepted, get in touch with Aldridge Brownlee Solicitors to have a legal team ready to act at every stage of the process.
- Beat the Deadline: To avoid the higher Stamp Duty rates, complete your purchase before April 1st, 2025. The earlier you move, the more likely you are to avoid delays.
Why Wait? Start Today!
With the Stamp Duty increase just around the corner, there’s no time to waste. By completing your purchase before April 1st, 2025, you could save thousands of pounds—money that could be better spent on renovations, furniture, or even a well-deserved holiday!
At Aldridge Brownlee, we’re dedicated to making your property transaction as smooth and stress-free as possible. Our friendly, experienced team will be with you every step of the way, ensuring you can focus on what matters most: turning your new house into a home.
Ready to get started? Contact us today to begin your property journey!
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