Stamp duty is a tax paid by people buying houses. Usually with purchases above £125,000, a percentage of the house purchase price would need to be paid in stamp duty land tax. First time buyers are exempt from paying stamp duty unless the property is above £300,000.
The stamp duty holiday could save buyers thousands and first-time buyers could buy a property up to £500,000 without incurring extra charges. The residential stamp duty taxes up to and including 31st March 2021 are as follows:
- 5% on properties costing £500,001 to £925,000
- 10% on properties costing £925,001 to £1.5 million
- 12% on any value above £1.5 million.
Those wishing to buy 2nd homes or buy-to-let properties will also be exempt from the normal rate element but will still have to pay the surcharge at the rates below:
- 3% on properties costing up to £500,00
- 8% on properties costing £500,001 to £925,000
- 13% on properties costing £925,001 to £1.5 million
- 15% on any value above £1.5 million
If you are considering buying a property, our conveyancing team have a wealth of experience in ensuring property transactions are completed with as little stress as possible and in the shortest time frame possible. Our client feedback shows that our team regularly go the extra mile to ensure a transaction runs as smoothly as possible. We are also proud to hold the Conveyancing Quality Scheme accreditation which provides peace of mind to our clients that we offer the best levels of service, security and client care.
Click here for an online quote or contact our team on 01926 491181.
For more information on the stamp duty holiday, please click here.