Conveyancing Explained

May 19, 2010

A new relief was put in place for first time buyers for completions taking place on or after 25th March 2010, for a period of two years.

The term “first time buyer” is defined as follows;-

1. The purchaser (or all purchasers for more than one) have never owned residential property before in the UK (with the exception of a lease with less than 21 years to run) or the equivalent anywhere else in the world.
2. They intend to live in the property, using it as their only or main residence.
3. The purchase price of the property is 250,000 pounds or less.