Don’t delay your stamp duty holiday

With the Government’s stamp duty and VAT waiver both set to revert to its former threshold in the New Year, niche Scottish housebuilder Sovereign House Developments is urging home buyers at its Brunstane Court development in Edinburgh, to snap up their dream home quickly to avoid paying extra in January 2010.

The stamp duty holiday currently exempts properties priced from £125,000 to £175,000, however after 1 January, the one per cent rate will apply again from £125,000, while 15% VAT will increase again to 17.5% - raising home buying costs such as selling and moving fees, including legal and surveyor costs.

Colin McLachlan, joint managing director of Sovereign House Developments, comments: “With mortgage applications typically taking up to three months to complete, now is the final time for our buyers to take advantage of the stamp duty holiday and avoid a sizeable tax bill in 2010. The temporary tax reprieve and reduced VAT has provided considerable savings for homebuyers, especially first timers. However, with these savings set to end, buyers need to act quickly to ensure their purchases are completed before the New Year.”

With prices at the company’s newest development, Brunstane Court in Edinburgh released from £149,995 buyers who aren’t quick of the mark will again face a stamp duty bill of over £1,500 when the tax rate is reintroduced.

And for those buyers who reserved in October, as well as the stamp duty holiday, they can also take advantage of Sovereign’s excellent mortgage protection scheme – Home Protect - introduced by the company in conjunction with Home Insure, which includes accident, sickness and unemployment insurance cover, providing purchasers with a free insurance policy to protect them financially. Purchasers can also choose their kitchen finishes/optional extras, and be ready to move into their new apartment in time for Christmas.

Located on Milton Road East, just five miles from the vibrant hub of Scotland’s historical capital, the development offers the ideal location for those looking for a slice of city living, allowing buyers to enjoy the best of urban pursuits coupled with the relaxed lifestyle of a coastal retreat, with the beach at Portobello just minutes away.

Comprising 82 individually designed apartments and with a choice of one, two and three-bedroom styles to choose from, there truly is a home to suit a variety of lifestyles and budgets.

Every apartment at Brunstane Court features a functional open-plan living and kitchen area, creating a sociable hub that has been designed with convenience and style in mind. All kitchens are fitted with state-of-the-art appliances, including a stainless steel oven, hob and cooker hood, and come with a choice of units, worktops and handles, allowing buyers to add that personal touch.

The spacious bedrooms feature generous fitted wardrobes, with the two and three-bedroom apartments also benefitting from a luxurious en-suite to service the master bedroom.

Externally, the development provides secure underground parking for residents’ peace of mind, as well as a beautifully landscaped courtyard area. Ground floor apartments also enjoy private south-facing gardens, ideal for alfresco entertaining.

A stylish show apartment currently showcases the quality of finish and superior internal specifications, which buyers can not only enjoy at Brunstane Court, but across all of Sovereign’s five impressive developments, which range from Renfrew to Perth and encompasses a variety of house styles, including chic apartments, spacious townhouses and impressive family sized detached homes.

For further information, visit wsovereignhouse.net or brunstanecourt-edinburgh.co.uk.