Frequently Asked Questions
Will I pay the higher rate of stamp duty if I buy before selling?
If you buy a property as your main dwelling before selling your existing main dwelling you will need to pay the higher rate of stamp duty. However, if you go on to sell you original main dwelling within 18 months of purchasing your new main dwelling you can claim back the difference between the higher and lower rate.
When is Stamp Duty paid?
Technically you must pay stamp duty to HMRC 30 days from the date of completion or you may risk a fine. In practice your solicitor or legal adviser will request your stamp duty at the time of completion and they will pay this on your behalf and ensure you don't miss the deadline.
What's the Stamp Duty on Investment and Second Homes
From April 2016, property buyers in England and Wales will have to pay an additional 3% on each stamp duty band for purchases over £40,000
Who pays Stamp Duty?
Stamp Duty is paid by the purchaser and everyone purchasing a property as their main dwelling will pay stamp duty if the purchase price is £125,000 or higher. If you are buying a property as a second home or investment, you will pay stamp duty on all properties over £40,000 and the rate of stamp duty is higher (typically 3% more).