Stamp Duty

Stamp Duty: 

 

What is stamp duty? 

Stamp duty is a tax that you have to pay when you purchase a property.  

 

The amount of stamp duty that you have to pay depends on the value of the property that you are buying.  

 

It is the responsibility of the buyer to pay stamp duty, and it must be paid at the time of purchase. 

 

In this blog post, we will discuss the different rates for different types of buyers, and we will also explain when and how to pay stamp duty. 

What are the rates for first-time buyers? First-time buyers do not have to pay stamp duty on properties that cost up to £300,000. This is a great incentive for people who are buying their first home. If the property costs more than £300,000, first-time buyers will have to pay stamp duty at the same rates as other buyers. 

 

When do you have to pay stamp duty? Stamp duty must be paid at the time of purchase. This means that you cannot delay payment until after you move into the property. If you are buying a property through a company, the company will be responsible for paying stamp duty. 

 

Who is responsible for paying stamp duty? The buyer is responsible for paying stamp duty. This means that the buyer must pay the tax before taking ownership of the property. 

 

What happens if you don't pay stamp duty? If you do not pay Stamp Duty, you will be charged interest and may also face legal action. It is therefore important to make sure that you have the funds available to pay this tax when you purchase a property. 

 

We hope we have answered any questions you have regarding Stamp duty in this blog post, and in the attached youtube video! 

 

However, if you still have anything you would like to discuss further please contact us on 0116 3409989 or sales@thepropertyfox.co.uk 

 

Thank you for reading!