How to Benefit from the Galliard Stamp Duty Holiday Extension
You may have heard that the Government has extended the Stamp Duty Holiday until 30th June 2021… But what if your dream Galliard home is set to complete after that date? Fear not, because Galliard Homes is here to provide a lifeline to ensure you can still take advantage of the fantastic saving opportunity beyond the Government’s newly-announced cut-off date.
What is ‘Stamp Duty Holiday’?
Back in July 2020, the Government announced a temporary reduction of the Stamp Duty Land Tax (SDLT) rates to help keep the property market moving. This Stamp Duty Holiday is due to come to an end on 30th June 2021 but until then, the first £500,000 of all property sales is exempt from Stamp Duty.* After this date, the temporary rates will revert back to normal and home buyers will be required to pay the SDLT sum they would have originally paid prior to the holiday announcement.
While the SDLT Holiday has proven extremely beneficial for many property buyers and has helped a lot of first-time home owners onto the property ladder, delays caused by the pandemic have generated a backlog of property transactions that won’t complete before the looming cut-off date. This has put thousands of buyers at risk of missing out on a fantastic saving opportunity.
At Galliard Homes, we believe every buyer whose property is due to complete before the deadline should be able to have confidence that their transaction will qualify for the saving. We want to provide certainty at a time of uncertainty to our customers and do all we can to give those young buyers who are struggling to save for a deposit on their new home a leg up onto the property ladder.
As our Sales Director, David Galman, puts it:
“It is vital that all sales being processed, due to benefit from the holiday, are honoured. Especially if the current national lockdown causes them to be delayed through no fault of the buyer or vendor.”
We have therefore decided to, meaning those who qualify will be able to take advantage of the holiday for an extra six months.*
How it works - it’s on us!
We will deduct any SDLT that the buyer would normally be required to pay from the completion sums that are due on the purchase.
How much could you save?
With our exclusive, limited-time incentive, buyers will be able to proceed with confidence and will have no Stamp Duty to pay on the first £500,000 of the property — enjoying a saving of £15,000!*
Does your property qualify?
Purchases reaching legal completion between 1st July 2021 and 1st January 2022 where offers to purchase were made and accepted on or after 11th September 2020 will be eligible for the extension incentive.*
Buyers who own multiple properties will still be required to pay the 3 per cent Higher Rates on Additional Dwellings (HRAD) charge.