Residential conveyancing news – End of SDLT Relief
As such, residential conveyancing solicitors are advising clients that, as of 25 March 2012, first time buyers will not benefit from the First Time Buyer SDLT Relief.
Until this date, first time buyers will still be eligible for SDLT relief, provided that the value of the property is £250,000 or lower; it is intended as the buyer’s only or main home, and that the property is a fist time purchase.
The move comes at an uncomfortable time for many property solicitors, who are already coming to terms with the introduction of Alternative Business Structures – part of a Legal Services Act revolution which will democratise the way that many legal services, including residential conveyancing, are provided in Britain.
Furthermore, rising professional indemnity costs for many residential conveyancing specialists means that the pressure to keep ahead of the competition is greater than ever before.News