Why Stamp Duty on Property Changes Can Benefit You

Back in 2008, there were widespread changes made to the traditional stamp duty on property laws. These were believed to be enacted in order to bring more people into the housing market, which they did, but they also left more people “upside down” in their mortgage and in financial trouble. However, now that it appears that much of the housing bubble is gone, the stamp duty on property changes can really help many people and if you are looking at homes in the lower end of the market, they can help you out a lot.Traditionally, stamp duty on property has been one of the major hurdles that home buyers in the United Kingdom have had to deal with because it is a fee that is payable to the government at the time of the sale and is not rolled into the mortgage. As the price of houses goes up, the price of the duty goes up, so much so that some people pay up to 5 per cent of the price of their home as duty.But the recent changes have made buying inexpensive homes a lot easier on the finances of many families and it is now possible to buy a piece of property without having to pay stamp duty on property or paying just a little (sometimes just 1 per cent of the property sale price). This doesn’t happen by accident, of course, and if you are looking to take advantage of some of these law changes, you will need the assistance of a stamp duty mitigation agent.Although the changes to the laws were made to make it easier for people to buy property, in reality they made it much harder because the laws are difficult to discern for the first-time home buyer and the duty often comes as a surprise well into the purchase process. But by getting help from an expert, you could be one of the thousands of people who are able to buy their home without paying tens of thousands of pounds in tax.Currently, there are discussions about raising the bottom end of the stamp duty on property threshold to 150,000 pounds, which would make even more properties available at better prices. With the goal of propping up the economy and creating more homeowners, this change will enable more lower-end homes to be sold, and there are even further exemptions for people who have never bought a home before.Any estate agent will tell you that in order to gain exemption from stamp duty on property, it is a good idea to talk to a stamp duty mitigation expert or someone who really knows and understands the stamp duty laws in your particular area of the country. Because each region is different, it is important that you speak with someone who has experience with buyers in your region and at the price level of home that you are buying. This is the only way that you can buy a home without being subject to this tax.