If you are currently on the lookout to move into another house while considering selling your first home, you must keep on reading this article.
Second time buyers can benefit from a stamp duty reduction scheme, whereby successful applicants can receive a refund of up to €3,000 upon buying their second immovable property.
Like any other scheme, there are eligibility criteria to benefit from refunds. One such criteria is that to be eligible to claim this refund, buyers should not be in possession of another type of immovable property. This could be a plot of land or even just airspace. Moreover, it is important to note that the refund is only granted if the second property is bought within a 12-month timeframe from when the old/first property is sold.
This legislation that was extended by a further year during the 2019 Budget last October was created with young growing families and older people in mind. Additional benefits are also in place for people with special needs and even their parents who sell their first residential home to purchase their second residential property. In such cases, the maximum amount of refund can go up by €2,000; a maximum of €5,000.
Claims for this refund should be submitted by the applicant (second time buyer) in writing within two months of the last contract.
We at Delivering Homes Ltd can help you in the process of selling your current property and buying your second residential property. Our online platform allows you to list properties that are for sale, while also being able to view any properties that you would like to buy. All this is done at 0% fees and from the comfort of your home. A list of properties that are For Sale can be found here: www.deliveringhomes.com.mt/listings/