Buy at the Limes now to avoid stamp duty
“Buy now and avoid paying stamp duty” is the message from Storey Homes, who are advising first time buyers to hurry along to The Limes in Ampthill, Bedfordshire where there are stunning two bedroom apartments available under the current £250,000 stamp duty threshold.
The Government introduced the stamp duty ‘holiday’ two years ago and it was confirmed by the Chancellor in his Autumn Statement that it will not be extended. Anyone looking to benefit from this tax break will need to legally complete on a property under the value of £250,000 by 24th March. After that date, stamp duty will be charged at a rate of 1% on all properties between £125,000 and £250,000.
There have already been a significant number of first time buyers looking to make the most of the stamp duty holiday. According to the Council of Mortgage Lenders, the number of mortgages agreed for first time buyers increased at the end of 2011, with 18,700 home loans in December, which was a 7% rise from November and 14% up on December 2010.
Mark Storey, Director of Storey Homes comments: “First time buyers looking to move this year should seriously consider moving now, as they could save up to £2,500 in stamp duty costs by buying a new apartment at The Limes before the end of March. This is a considerable saving and as you will be buying directly from us, there will be no complications to delay the purchase as long as you act quickly.”
Mark continues: “At The Limes, first time buyers can also benefit from an extra helping hand through the FirstBuy scheme, which allows buyers to secure a new home for just 80% of the full value of the property, meaning two bedroom apartments start from £159,960. The remaining 20% is paid for by a shared equity loan funded by Storey Homes and the Homes and Communities Agency. They also only need to find a 5% deposit, which is a much smaller than the average 20% deposit required for most mortgages.”
To be eligible for FirstBuy, the applicant’s household must earn less than £60,000 per year and be unable to finance a property in the area where they currently live or work. An equity loan of up to 20% of the property price will be provided meaning the purchaser only needs to arrange finance for the remaining 80%, which can be done by arranging a market rate mortgage in addition to the 5% deposit. The buyer can then purchase up to 100% equity of the property in instalments after they have moved in, or proportionally share the remaining equity of the house when it is sold at the current market rate.
Perfect for first time buyers, The Limes offers a stunning collection of 26 two and three bedroom contemporary designed apartments, including three penthouses. Situated behind the Georgian style former headquarters of Mid Beds District Council which will be transformed to provide 10,000sq.ft of office space, the apartments are situated over the top three floors of the adjoining 1990’s building. Each property features floor to ceiling windows which provide a light and spacious atmosphere and enjoy views over the surrounding countryside.
Designed for modern living, the apartments are all open plan with lounge, dining and kitchen areas that are ideal for entertaining. The penthouses also enjoy large terraces that wrap around each property to provide extensive external living space and amazing views.
The specification afforded to these homes is unmatched, from the well equipped kitchens, fitted with high quality units and worktops and complete with a selection of built-in appliances as standard, to the luxury bathrooms furnished with hi-end white suites and chrome fittings. All apartments have underfloor heating and high quality flooring throughout. The master bedrooms have the advantage of stylish ensuite facilities adding a further touch of sophistication and the three penthouses benefit from large terraces.
The Limes is situated in a leafy, predominantly residential area, yet is only a few minutes’ walk from the town centre. All homes will have a full 10 year building warranty and will benefit from secured, allocated parking.
Ampthill is a historic market town located between Luton and Bedford. The town boasts several lively pubs, a wide variety of restaurants and a selection of small independent shops. For commuters to London, Flitwick station is just down the road, providing frequent services into London St Pancras in under an hour.
Prices at The Limes currently start at £199,950 for a two bedroom apartment. Through ‘FirstBuy’ properties are available from £159,960. For further information, visit storey-homes.co.uk.
