Stamp Duty axed for first time buyers
Philip Hammond, Chancellor of the Exchequer (left), delivered the Autumn Statement, in the House of Commons on November 22nd, 2017.
One of the most eye catching announcements contained
within the budget was the decision to axe Stamp Duty Land Tax for first time buyers, purchasing property in England and Wales up to a maximum of £300,000. The Chancellor has also advised that first time buyers purchasing a property in London, up to a value of £500,000, will only pay stamp duty on any amount over £300,000, which means they will also benefit from the cut, in respect of the first £300,000.
For example a first time purchase in London for £450,000, will only incur stamp duty land tax on £150,000 rather than the full value of the property. This change is intended to assist first time buyers with being able to afford their first home and may see a rise in the market generally.
The Chancellor believes this change will assist 95 percent of first time buyers and result in 80 percent of all first time buyers now not paying any stamp duty land tax at all.
Award win for Glanvilles Damant Property Solicitor
Lauren Elliott, Solicitor at Isle of Wight law firm Glanvilles Damant has been named Young Lawyer of the Year 2017 by the Isle of Wight Law Society.
This Award celebrates excellence and recognises the outstanding contributions and achievements of individual solicitors, legal executives and trainees during 2017.
The award was presented to Lauren by Jeremy Warren of Index Property Information at the annual Law Society dinner.
Lauren is an Associate Solicitor in the Property Services Department, and deals with all aspects of selling and buying freehold and leasehold residential properties including re-mortgages and transfers of equity. She also deals with shared ownership properties and has dealt with the acquisition of properties under the Help to Buy Scheme.
Lauren read Law and graduated from the University of Sussex in 2010 and achieved a distinction on her LPC from BPP Law school, London, in 2011. She qualified as a Solicitor in September, 2013.
You can contact Lauren Elliott on (01983) 527878 or [email protected]