We have recently received an upsurge and completed on several transactions for applicants who are trying to secure the purchase of an additional property and are concerned by the increased taxation cost they may incur post 1st April 2016.
From buy-to-let, buying a holiday home, or even a University property for the children. Why you and your clients should be concerned about new stamp duty.
From 1st April 2016 under current proposed legislation, individuals or companies purchasing additional residential properties in England, Wales or Northern Ireland are to be hit with an extra 3 per cent stamp duty bill.
For example, anyone buying a £200,000 second home or buy to let before April pays stamp duty of £1,500.
This is based on paying zero per cent on the first £125,000 of the property value and 2 per cent on the portion between £125,001 and £250,000.
But from April, landlords will have to pay 3 per cent for the first £125,000 and 5 per cent instead of 2 per cent on the amount between £125,001 and £250,000.
This gives them a total bill of £7,500.
We can assist with the funding of any potential acquisitions of these properties within a week to avoid any delays on completions beyond April 1st 2016 caused valuations, or other funders.
Contact us now to discuss any enquiries you may have and we can bridge the purchase without the requirement for a valuation.