How to Buy a House
Stamp Duty
Officially called Stamp Duty Land Tax, it is payable in different amounts via the conveyancing solicitor, depending on the purchase price of the house.Stamp duty is paid by the property purchaser.
Purchase Price of House Stamp Duty Payable as a Percentage of the Purchase Price
0 - £125,000 0%
£125,001 - £250,000 1%
£250,001 - £500,000 3%
£500,001 + 4%
£1,000,000 + 5% ( From April 5th 2011 )
Note for FIRST TIME BUYERS: Unitl 26th March 2012, genuine first time buyers who have never owned a residential property in the UK or abroad before will be exempt from stamp duty on qualifying properties ( freehold or lease-hold with longer than 21 years remaining on the lease) as long as they are owner-occupiers and all joint owners are genuine first time buyers.
Find out more about the house-buying process in our guide to how to buy a house:
How Much Can I Borrow? l Find a Property l Mortgages l Conveyancing Solicitors and Legal costs l Property Insurance l Home Information Packs l How to Budget l Surveys and Surveyors l Solicitors l Removal Companies l Utilities Companies l Buying a House at Auction l Buying a Repossessed Property
Useful websites:
www.directgov.org.uk
http://www.hmrc.gov.uk/budget2010/sdlt-qa-tech-1545.pdf
Most useful and most popular pages on this site:
Look for your First Property l Seek First Time Buyer Mortgage Advice l See our Best First Mortgages Comparison Table l Find out about First Time Buyer Mortgages l Find out How to Buy a House l Learn all about The First Time Buyer Mortgage l Shared Ownership