Following on from recent government announcements, it’s suddenly become a lot easier to buy a house. There is still the difficult task of getting through the credit checks and the mortgage application, but one of the most expensive costs has been completely removed. Stamp duty land tax is a special government income-generating scheme. When you buy a house, you pay a tax on it. The more expensive the house, the greater the tax income. However, the last budget has set a much greater threshold before the tax is paid. This means that more and more of us will be exempt. The government’s plan is that the housing market will continue to remain buoyant and grow. So much of the economy is linked to the housing market that if it fails, we will definitely go into a recession, if we aren’t already in one.
Conveyancing Cheltenham firm www.montpellier.legal/ is one of the many companies that can make sure that this part of the house move goes smoothly. The payment of the stamp duty land tax is the responsibility of the conveyancer, and there will be many companies looking forward to the increased business this will no doubt bring.
You’ll still need to pass through the usual credit checks and be able to actually afford the mortgage in the first place before you get to this stage; however, with the new thresholds in place it should open up the chance for people to buy places they may not have considered before.