By Guest Blogger Scott Mulligan

As of 24th March 2012 first time buyers will no longer receive an exemption from Stamp Duty Land Tax, as the government feel this relief is not effective in boosting the UK’s property market.

The exemption enabled first time buyers to be able to purchase a property up to the value of £250,000 without the standard 1% land tax.

Our Conveyancers foresee a large influx of first time buyer completions prior to this date, to avoid paying the Stamp Duty Land Tax.

We understand the Council of Mortgage Lenders have called for the Government to extend the Stamp Duty holiday. The association is worried that the planned end of the holiday will result in a reduced number of sales.

For a purchaser to qualify as a ‘first time buyer’ they must not have acquired an interest in a residential freehold/leasehold property in the UK or an equivalent interest anywhere in the world. This applies to all purchasers and includes inheriting property under a will.

The property you are purchasing must be used as your only or main residence.

We are disappointed in the Government for not postponing the Stamp Duty holiday and hope the CML are able to persuade the Government to extend this relief.