Doncaster, England -- (SBWIRE) -- 12/24/2015 -- The chancellor's Spending Review has outlined a number of proposed changes to property costings, including higher stamp duty bills for the owners of second homes. Experts have warned that this could fall unfairly on middle-class savers who have invested in property and may dissuade people from the buy to let market. Many people invest their pension pots into properties due to the low annuity return rate; but the chancellor's proposals could see this change.
The result is that many keen investors are looking for up-to-date legal advice so they can plan ahead. The Legal Team is a prime example of experts working hard to keep people informed.
Currently, the system of stamp duty for second homes is set out in tiers. No stamp duty is paid on the first £125,000 of a property's price and from there 2% is paid for anything up to £250,000, and 5% up to £925,000. For properties over £1.5 million the rate is currently 12%. However, the chancellor's proposals involve a further rise of these percentages, so people will be paying an even bigger sum of stamp duty; expected to be felt significantly by those looking to purchase larger second properties. It is also expected to have implications across the property market in general.
Advising people regarding these changes, which are set to take place from April 2016, is The Legal Team. They hold expertise in a number of areas of property law and a spokes person had this to say:
"The proposed stamp duty increases may have big implications for those who are looking to buy properties to rent. We recommend that all concerned, take ongoing legal advice, which will be keep you updated with the changes as they are implemented. Here at the Legal Team, we are ready to provide that service."
About The Legal Team
The Legal Team is a group of expert lawyers and solicitors with a strong presence in property law. They work throughout the country to deliver accessible, informative legal services.
For more information you can visit their website: http://www.thelegalteam.co.uk/
Company name: The Legal Team
Tel: 0800 999 86620800 999 8776
Contact person: John McQuater
Address: 8 Hall Gate