Stamp Duty 101: What You Need To Know

From our experience, we know that a lot of buyers and sellers out there have a lot of questions about Stamp Duty. Therefore, we wanted to provide homebuyers with a quick, complete guide on everything there is to know about stamp duty.

What is stamp duty?

In the simplest terms, stamp duty is a tax that needs to be paid when a homebuyer purchases a property in England and Northern Ireland. The amount of stamp duty that a person pays depends on the purchase price of the property.

How much is stamp duty?

The amount of stamp duty you pay will depend on what price threshold your property falls into. Use the stamp duty calculator below to help you work out how much stamp duty you would have to pay for your property:

Do I need to pay Stamp Duty as a First Time Buyer?

From 1st July 2021, first-time buyers in England and Northern Ireland do not pay any stamp duty up to £300,000. If the property being purchased is more than £300,000, you will then pay 5% on the portion from £300,001 to £500,000. There is no relief on properties over £500,000. You are eligible if you and anyone else you are buying with are first-time buyers. The stamp duty calculator above will help you work out how much stamp duty you will need to pay.

When do I pay stamp duty?

If you have to pay stamp duty as part of your process, you will have 14 days after you complete on the purchase of a property to pay any stamp duty that is due. However, it is important to note that your solicitor will usually calculate and pay your stamp duty bill on your behalf. They will normally submit your return and pay the stamp duty on completion day, having collected the money from you in advance.

If you are looking for your next dream home, take a look at all of the amazing properties we have for sale at the moment – or contact one of our branches today to find out more!

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