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First time buyers stamp duty holiday is coming to an end

By the Beresfords Marketing Team - 19th January 2012

With only two months of the Stamp Duty ‘tax holiday’ remaining, first time buyers must act quickly to avoid paying Stamp Duty Land Tax on their home purchase.

From March 2012 the holiday is over, once the Government ends the tax exemption first time buyers will face a tax of 3% on all home purchases over £250,000.

The National Association of Estate Agents (NAEA) have the following advice for all first time buyers:

Stay affordable

The key word for any lender is affordability, and it should be for you as well. The amount you can borrow should depend on how much you can afford to repay each month. Beresfords Independent Financial Advisers will prepare a detailed budget planner with all clients to look at their monthly income and expenditure.Don’t forget about fees. Experienced home buyers will remember to include professional costs in their budget, but when buying your first home it can be easy to forget the need to set aside cash for fees, insurers, surveyors and other professionals. Remember to look for Independent Financial Advisers who do not charge a fee for arranging a mortgage, such as Beresfords.

Choose the professionals

When buying your first home remember to think about who is selling it to you. Buying your first home can often be a stressful experience, as well as the biggest financial transaction of a person's life. Choose an NAEA Member, such as Beresfords, and make this process as stress free as possible.

Keep a paper trail

There can be a lot of paper to keep track of when buying a home, but it's important to keep an organised file with all your documents associated with the purchase in it. It is also sensible to keep detailed notes about the properties that you've viewed including important information such as possible repairs needed to the kitchen or bathroom as these can eat significantly into your budget if urgent work is required.

Know your maximum offer

When you've made your mind up, and it is time to put in an offer, always remember what your maximum offer is. The amount you decide to open with is vital, so work out what your absolute maximum purchase price and then work backwards. If your first bid is turned down, then be flexible where possible with your second offer, but don't automatically jump to your maximum affordability. Meeting the buyer half-way can be a good response to show you are serious.

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