McHale & Co. Solicitors Blog

Stamp duty changes in the second home / buy-to-let market

Second home purchasers and buy-to-let landlords will soon have to pay more in stamp duty, the Chancellor has announced.

From April 2016, those in England and Wales will have to pay a 3% surcharge on each stamp duty band.

Stamp_duty_changes_blog.png

“This is bad news for the landlords in 2016” – said Maria Udalova-Surkova, the head of our investment property department.

“It means a stamp duty jump of about £5,000 on a £180,000 property, or £30,000 stamp duty increase on a £1m property.

As a result we have seen an influx of investment property instructions from both new investors and those with an existing property portfolio. They are trying to beat the deadline and save thousands of pounds.

Those who own second homes and were considering of selling are deciding to keep their property for now and rent it out instead.

McHale & Co have years of experience in property transactions and have a skilful team of solicitors, conveyancers and paralegals who are able to meet the demand which resulted from this news” – added Maria.

If you would like to contact Maria and her team, call 0161 928 3848.

*source: HMRC

Categories: Conveyancing

Leave a comment

Leave a Reply



(Your email will not be publicly displayed.)




Read Next Blog Post

Close