Stamp duty

What is stamp duty?

It’s a government tax paid on the purchase of all properties in the UK currently over £125,000

The rate of stamp duty tax you pay depends on the value of the property

From the date of completion on a property, you have 30 days to pay, but this is typically organised by your solicitor. To understand the entire buying process click here.

Stamp duty for first time buyers was wiped in 2017 meaning those purchasing a property of up to £300,000 will no longer need to pay the tax (£500,000 in London). Stamp duty for properties valued between £300,000 and £500,000 will be charged at the standard 5%. For example if the property is worth £400,000 the first £300,000 will be stamp duty-free but 5% will be charged on the remaining £100,000.

Further Reading on the Money Saving Expert website