General Provisions

Buying a home is likely to be the biggest purchase you will ever make and an event that you will remember forever. Therefore, here are Bowyer Estates we want to ensure you have a hassle and stress free experience, filled with joy and excitement and with a professional service which is second to none from your first viewing, through to the collection of your keys.

Bowyer Estates offer viewings seven days a week and where possible after work viewings, as we appreciate that not everyone is available Monday to Friday. We will also help negotiate your purchase, put you in touch with local mortgage advisors and solicitors if required and will work with you, giving guidance throughout the entire purchase process, with regular weekly updates on the sale process and appointments for further viewings, as we appreciate one is not always enough.

Here at Bowyer Estates, we are as positive about finding a property for our clients as they are and therefore our systems are modern and up to date and when new properties become available through ourselves, we will text, email and phone our buyers to ensure the right buyer is found for the right house, as quickly as possible.

We would also like to highlight that from April 2016, the new 'Stamp Duty' threshold comes into force on 'Buy To Let' properties. Therefore, we are noting below for all parties information, the current Stamp Duty brackets and what they will be from April 2016, helping you budget accordingly with finances when looking to purchase a second property.

Rates for a single property

You pay stamp duty at these rates if, after buying the property, it is the only residential property you own. You usually pay 3% on top of these rates if you own another residential property.

You can also use this table to work out the SDLT for the purchase price of a lease (the 'lease premium').

Example

If you buy a house for £295,000. The SDLT you owe will be calculated as follows:

• 0% on the first £125,000 = £0
• 2% on the next £125,000 = £2,500
• 5% on the final £45,000 = £2,250
• total SDLT = £4,750

Use the SDLT calculator to work out how much tax you’ll pay.

If you’re buying your first home

You can claim a discount (relief) if the property you buy is your first home. This means you’ll pay:

• no SDLT up to £300,000
• 5% SDLT on the portion from £300,001 to £500,000

You’re eligible if you and anyone else you’re buying with are first-time buyers.

Higher rates for additional properties

The 3% higher rate for purchases of additional dwellings applies on top of revised standard rates above are:

Source: HMRC (please always ensure your solicitor checks your stamp duty calculations for you, when agreeing a purchase)