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The amount of Stamp Duty you pay depends on the price of the property, where it is and when you complete on the purchase. You’ll pay less as a First Time Buyer.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our stamp duty calculation is for guidance only and designed to provide an illustrative example.
Stamp Duty Land Tax (SDLT) is a tax in England and Northern Ireland. It usually applies to residential properties, or pieces of land, that cost more than £250,000.
Scotland and Wales have their own taxes that are equal to stamp duty.
You’ll pay:
Land and Buildings Transaction Tax (LBTT) in Scotland
Land Transaction Tax (LTT) in Wales
Who has to pay stamp duty
Most buyers have to pay stamp duty. Aside from your mortgage, stamp duty could be the biggest cost of buying a home.
You have to pay your stamp duty within 14 days of your move in date. If it’s not paid by then, you could risk a fine, or having interest added to the amount due.
Often your solicitor deals with your stamp duty payment.
It can help to know what stamp duty is, how it’s calculated, and when it’s due.
You pay stamp duty as a lump sum on new properties, second homes, freehold and leasehold properties. It does not matter if you buy the home with a mortgage or with cash.
You do not need to pay stamp duty land tax if you’re:
Buying a property valued below the stamp duty threshold
Transferring the deeds of your home to someone
A first time buyer in England or Northern Ireland if you’re buying a property that costs less than £425,000
To use our stamp duty calculator you need to provide these details:
Where you’re buying (England & Northern Ireland, Wales or Scotland)
If it’s your first home, next home, and if you’ll own multiple properties
The value of the property you’re buying
Our stamp duty calculator will then calculate the total Stamp Duty Land Tax, Land and Buildings Transaction Tax or Land Transaction Tax that you’ll need to pay.
Your mortgage adviser can give you general information on the rates you need to pay. Mortgage advisers are not qualified to give tax advice.
If you need advice on tax, then speak to an independent tax and legal specialist.
Key Mortgage Advice Ltd
Key Mortgage Advice Ltd is authorised and regulated by The Financial Conduct Authority. Registered in England.
Company Number 04837523
Trading Address: 276 Station Road, Bamber Bridge, Preston, PR5 6EB
Registered Address: 276 Station Road, Bamber Bridge, Preston, PR5 6EB
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
We are entered on the Financial Services Register No 312930 at
https://register.fca.org.uk/
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If you have a complaint or dispute with us, you are entitled to make a complaint. We have a complaints procedure that is available on request. If you wish to register a complaint, please contact us either in writing, by telephone or email.
Please be assured we treat complaints seriously. For your protection if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (‘FOS’). Please see the following link for further details:
https://financial-ombudsman.org.uk/
https://avistaifp.co.uk/financial-ombudsman-services/
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