REDUCED RATES OF LBTT MEANS THERE’S NO BETTER TIME TO BUY

Following the impact of COVID 19, the Scottish Government have made the decision to reduce rates of Land and Buildings Transaction Tax (LBTT) in Scotland. Homebuyers can take full advantage of this change from 15 July 2020.

The LBTT threshold has now risen from £145,000 to £250,000, meaning that 80% of homebuyers are no longer required to pay LBTT, and those buying a new home over the value of £250,000 will make a saving of £2,100.

The Scottish Government have also agreed to inject £50m into the First Home Fund. This scheme, aimed at first time buyers, will provide up to £25,000 towards the deposit of a first home.

Following this announcement, MNM Developments will commit to pay any remaining LBTT in full for all properties that remain at The Market, Bonnyrigg until March 2021.

The 3 remaining apartments at The Market, Bonnyrigg fall under the new threshold of £250,000 and therefore do not qualify for payment of LBTT. However, our 3-bedroom townhouses with a value of £299,995, which would normally have a payable LBTT balance of £2,499, will now be paid in full by MNM Developments.

Whether you are a young family, professional body or simply looking to downsize, The Market, Bonnyrigg has a thriving new community and is the perfect place to make your new home.

Don’t miss out on this fantastic opportunity, contact 0131 297 6013 or info@mnmdev.co.uk for further information.

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