In these unprecedented times, Axiom Stone Solicitors will, in common with other businesses, be following the Government's official advice on social distancing and social isolating.

Public health measures must have the highest priority and, as a result, some staff will be working from home. Also, our offices will be closed to visitors.

However, we wish to reassure existing and potential clients that we will continue to provide the highest levels of service.

Please be assured we have a robust business continuity plan in place that is designed to minimise the impact on our service to you.

In addition, please continue to contact us electronically or by phone in relation to the progress of your matters or on any issues of concern to you.

Until further notice, service of claim forms, application notices and all other court documents and contractual notices must be made to our head office only (we shall not accept service through any other means). Our head office address is at Axiom Stone Solicitors, Axiom House, 1 Spring Villa Road, Edgware, Middlesex, HA8 7EB. We ask that all other correspondence be sent by email to the relevant member of Axiom Stone Solicitors. In the event that service of court documents or contractual notices is attempted by post, courier, DX, or fax to any address other than that of our Head Office, we cannot provide any assurance that they will be received or processed. We are grateful for your understanding at this time.

We will update this information regularly on our website (Please see COVID-19 Updates Here) and via social media.

Finally, we urge everybody to follow the official advice on fighting the virus outbreak so enabling you to stay safe and well.

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COVID-19: Stamp Duty Land Tax Holiday

Idnan Liaqat, Head of Real Estate, Axiom Stone Solicitors, assesses the Chancellor’s latest measures

“Rishi Sunak’s statement on Stamp Duty will come as music to people’s ears who are purchasing their first home. From now until 31 March 2021, first-time buyers will not have Stamp Duty to pay on properties valued up to £500,000. To many of us this means potential savings of thousands of pounds, which will hopefully see a boost in the property market with many taking advantage of the new rules.”

In a drastic move to help boost the UK’s property market and assist first-time buyers on the residential property ladder, Chancellor Rishi Sunak’s ‘’Stamp Duty holiday’’ is a market, which has seen to take a hit during the coronavirus pandemic. While the effects of the holiday will be monitored over the next few months, it is believed that many will be saving tens of thousands of pounds.

Stamp Duty Land Tax

Stamp Duty is lump sum that is payable to H M Revenue and Customs on property purchases. Prior to Wednesday 8 July 2020, all home buyers had to pay Stamp Duty on houses worth more than £125,000, or  in the case of first-time buyers – none would be payable up to the sum of £300,000.

A short ‘’holiday for the homebuyers’’ and the position for first time buyers

The threshold for Stamp Duty payment has now been increased to £500,000. This will allow many to ‘’look on the lower of the housing market to avoid paying significant sum of Stamp Duty’’ whether purchasing under a company name or individual. For example, first-time buyers purchasing a property for £500,000., could potentially allow them to save over £10,000.

The new rates for Stamp Duty will fall as follows:

First-time buyers and standard rate

Property or lease premium or transfer value

SDLT rate

Up to £500,000

Zero

The next £425,000 (the portion from £500,001 to £925,000)

5%

The next £575,000 (the portion from £925,001 to £1.5 million)

10%

The remaining amount (the portion above £1.5 million)

12%

Additional properties (Buy to Let)

The 3% higher rate for purchases of additional dwellings applies on top of revised standard rates above for the period 8 July 2020 to 31 March 2021.

The following rates apply:

Property or lease premium or transfer value

SDLT rate

Up to £500,000

3%

The next £425,000 (the portion from £500,001 to £925,000)

8%

The next £575,000 (the portion from £925,001 to £1.5 million)

13%

The remaining amount (the portion above £1.5 million)

15%

New leasehold sales and transfers

The nil rate band which applies to the ‘net present value’ of any rents payable for residential property is also increased to £500,000 from 8 July 2020 until 31 March 2021.

The following rates will apply:

Net Present Value of any Rent

SDLT rate

Up to £500,000

Zero 

Over £500,000

1%

 


 

For guidance and advice in relation to any Real Estate matters, please contact Idnan Liaqat, Head of Real Estate or Khaled Ellatif, Trainee solicitor, in Axiom Stone’s Real Estate Department on 0208 951 6989.

Note: the information contained in this article is accurate at the time of publication on 18 May 2020. The remarks in this article are not a substitute for legal advice on the specific circumstances of any case.