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Are you paying unnecessary Stamp Duty? 2/4/2012

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Yes, the increased 0% threshold for paying Stamp Duty for first time buyers has now ceased to exist following the latest budget, however there is still a crumb of comfort available for buyers with a little known area of relief known as Disadvantaged Area Relief [‘DAR’].

Currently the stamp duty rate of 1% applies to all properties purchased over £125,000 and up to £250,000, however DAR is available for purchasers of any residential property in certain areas with a purchase price of up to £150,000. If DAR is available then it could save you up to £1,500 in stamp duty fees as it extends the exemption level for stamp duty to £150,000 for properties situated in a qualifying area.

In addition, unlike the relief that was previously available, DAR applies equally to any purchaser whether a first time buyer or not.

This relief can prove crucial for buyers in being able to put forward offers and indeed in proceeding through to completion on a number of houses in the local area. It is possible to perform a postcode check on the HMRC website to see if the property that you are interested in buying does qualify for DAR by clicking the following link.

(http://www.hmrc.gov.uk/so/dar/dar-search.htm)

Currently the main wards in the local area which qualify for DAR are:

Stoke-on-Trent – Abbey, Berryhill, Brookhouse, Blurton, Burslem Central, Burslem Grange, Chell, Fenton Green, Great Fenton, Longton South, Meir Park, Norton Bradeley, Shelton and Tunstall North

Staffordshire Moorlands – Biddulph East

Newcastle-under-Lyme – Cross Heath, Holditch and Silverdale

For expert conveyancing advice, please contact David Hallen at the Leek office on 01538 383201 or alternatively Lee Pointon in Cheadle on 01538 754253.
 

 
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