|Losing the plot|
If you are thinking of purchasing a property, whether freehold or leasehold, you may have to pay stamp duty. The amount of stamp duty or SDLT depends on the value of the property you are buying and is a percentage of the purchase price. If you are buying in an area designated by the government as 'disadvantaged' it may qualify for Disadvantaged Areas Relief which means the threshold for when stamp duty becomes payable is £150,000.
Otherwise the stamp duty payable on the following purchase price is:
- nil for £125,000 or less and nil for £250,000 or less if you meet the Government’s stringent first time buyer test for
- 1% between £125,001 and £250,000
- 3% between £250,001 to £500,000
- 4% above £500,001
Stamp duty is payable shortly after you have completed on the purchase of your property. If you pay it late there are automatic penalties. At Hart Brown our specialists will:
- advise you on the amount of stamp duty payable and complete the relevant paper work before you exchange contracts
- immediately after completion lodge the stamp duty return with HMRC and pay the stamp duty payable
You do not need to worry about meeting the deadline and we include this in our service when helping you buy a property.