Moving to a new home, especially when retired, can be an expensive undertaking as well as stressful. Downsizing in itself can be overwhelming and there are many things to consider.
However, there are many reasons to act now, including the exciting news that you can save up to £15,000 on stamp duty costs until March 2021.
For many, stamp duty can be very confusing, so we have put together a blog for you to explain stamp duty in its entirety.
What is Stamp Duty?
Stamp duty, or stamp duty land tax is the tax paid on properties worth over £125,000 which is paid when the property is purchased. It is due within 30 days of buying the property and is ranges from 2% to 5% on properties between £125,000 and £500,000.
Does Everyone Pay Stamp Duty?
Whether this is your first home, or you already own a home, Stamp Duty applies to everyone, although it is lower for first time property owners.
How Do I Pay Stamp Duty?
It is a normal element of buying a home and your solicitor will generally handle this as part of the transaction. Aura Care Living can help guide you through this process too.
How Long Can I Not Pay Stamp Duty For?
Right now, stamp duty is £0 on all properties under £500,000 and this is in place until March 2021.
Whether it stamp duty, moving advice or any other question you may have, Aura Care Living will help you through every step of the process of selling and buying when you choose to buy a retirement apartment with us.