13 July 2023
Stamp Duty: A Guide
When you buy a property, you’ll usually pay tax on it. In England & Northern Ireland, this tax is known as stamp duty. Here’s everything you need to know.
Who has to pay stamp duty?
Everyone has to pay Stamp Duty on residential properties costing more than £250,00, unless you quality for first-time buyers relief. If you’re a first-time buyer, you will pay no Stamp Duty on properties costing up to £425,000, and a discounted rate on property purchases up to £625,000.
How much is stamp duty?
Stamp duty is calculated according to the cost of the property and whether you’re purchasing it as your main, or an additional, home. You can use a stamp duty calculator to work out how much stamp duty you’ll need to pay.
When do I pay stamp duty?
You will have 14 days from the date of completion (when all the contracts are signed and dated, and you get the keys) to pay stamp duty. If you take any longer than that, you could face a fine and additional interest on top. Your solicitor will probably sort this out and make sure you pay the bill, but it’s important to note that it is your legal responsibility to make sure your stamp duty is paid.
Looking for your dream new build home? Morrish Homes has a variety of homes for sale on beautiful developments across the South, including Poundbury in Dorset, Oakwood in Somerset, and Nansledan in Cornwall.
