No preferences in reduction of Document Duty

30th October 2013

Plans to target first time buyers with a reduction in Document Duty payable on house purchases have been soundly defeated in the States by 30 votes to 10.

Deputy Yvonne Burford’s proposal would have excluded people other than first time buyers, but immediately given those people a lesser reduction scheduled to benefit all purchasers in 12 months time.

So, with immediate effect for the next 12 months, Document Duty will be 1% on house purchases under £250,000, instead of 2,5%, and 2.5% instead of 3% on house purchases between £250,000 and £400,000. There is no change to Document Duty payable on house purchases above £400,000, which stays at 3%.

This change does not affect other conveyancing costs such as Advocates fees and Court and Greffe fees.

Contact the sales negotiators at Cooper Brouard  for assistance in calculating your legal fees when buying a property.