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Should there be a stamp duty exemption for over 65s?

August 28 2018

Whilst recent changes in stamp duty have meant that first time buyers no longer have to pay this tax on homes worth up to £300,000, it has been claimed that a similar exemption should be introduced for older homeowners who hope to downsize.

Research around this idea has suggested that this will increase the likelihood of over 65s downsizing to more suitable accommodation, and as a result boost their finances whilst benefitting first time buyers and young families as it will mean a greater range of properties will be on the market.

Moving costs, including stamp duty, are often a factor that discourage this demographic from downsizing and with a rapidly aging population this could benefit home buyers across the UK.

Whatever your circumstances, moving can be a stressful process. At Grahame Stowe Bateson, we aim to alleviate this stress by providing a reliable and cost-effective conveyancing service so there is one less aspect to worry about. We also offer services for re-mortgages, transfers of equity and probate sales.

Whether you are purchasing a commercial or residential property, you can find out more about our conveyancing services in Leeds by calling our office on 0113 2468163 where a member of our friendly team will help you.  

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