Stamp Duty
If you are buying a property then part of the cost to purchase could include Stamp Duty. Stamp Duty is a tax paid to the government upon purchase of a property or land. Stamp Duty is charged at different rates dependent on purchase price, use (ie residential or non residential)
We will be able to give you advice about the amount of Stamp Duty due on completion of your purchase.
If you own a second property then there is a possibility that you may pay a higher rate of tax. If you do own a second property you will need to call us to discuss and we will establish whether the higher rates will apply.
Stamp Duty rates payable on the purchase of residential property are illustrated in the table below:
| Band | Normal Rate | Additional Property * |
| * Higher stamp duty rates for additional property from April 2016. ** For additional property the first £40k will attract 0% tax. From £40k to £125K the rate will be 3% on full purchase price. |
||
| less than £125k | 0% | 3%** |
| £125k to £250k | 2% | 5% |
| £250k to £925k | 5% | 8% |
| £925k to £1.5m | 10% | 13% |
| rest over £1.5m | 12% | 15% |
For all property transactions completing before April 2016 no SDLT will be paid on the first £125,000. Between £125,000 and £250,000 buyers will pay 2% within this band, 5% on the portion between £250,000 and £925,000, 10% within the next band up to £1.5 million and 12% over that. For additional property, such as buy to let or second homes, there will a 3% surcharge applied to all bands from 1st April 2016.
When is stamp duty paid?
This is paid upon completion. We will collect this money from you before completion. The government requires Stamp Duty to be paid within 30 days of completion or there will be a fine.
Please contact us if you have a any questions regarding Stamp Duty, please call or enquire online here.
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Good morning,
I just wanted to send an appreciation email! People are often quick to complain but not as quick to give appraisal.
This is the second time that I have used Vincent’s solicitors and I have yet again been very happy with the service received. Any queries I had were always answered efficiently & I never felt that I asked too many questions (or that they were silly to ask!). Nothing was too much trouble. Joe, also a great point of contact with again great communication and always very helpful.
Thank you so much for making this a stress free process, and I will continue to recommend Vincent’s Solicitors & the team there.
Happy Monday & have a great week!
Kind regards,
Jessica
Clear Advice Feels Better
Nicole, Sarah, Daisy
A belated thank you from me for all your support , patience and hard work on getting the purchase over the line.
As ever, a first rate service from you all – you are by far the best conveyancing team I have ever experienced and as this was property transaction no 18 for me that gives you some context !
Kind regards
Alison
Clear Advice Feels Better
Following completion on my property sale I just wanted to show my appreciation for Vincents conveyancing services and in particular the support provided by Kerry Rankine.
Kerry was efficient, responsive and proactive throughout the transaction, her efforts made what could have been a stressful process straightforward and stress free, please pass on my personal thanks.
Now that this property has been sold we need to sort out our Wills & LPAs and I would appreciate an introduction to a suitable contact within Vincents, our preference would be to visit the Garstang office.
Regards
Adrian
Highly Recommended
I highly recommend Vincent’s solicitors for their exceptional conveyancing services. June and her team were not only friendly but also displayed extensive knowledge, delivering an excellent service for the selling and purchase of my new property.
Efficient and Reliable
We have used Vincents now on two occasions and cannot fault them. They are efficient, reliable as always. And as for solicitors, I will not use anybody else going forward. Amazing service and would recommend them to anybody!
Extremely Responsive
My wife and I have used Vincent solicitors for conveyancing since 2005 and for every property I’ve bought they have provided a consistently great service. They are always extremely responsive which helps enormously to speed the transactions along and they have always shown a high level of expertise. That expertise was especially useful in our most recent house purchase, which saw us move from a city centre property in the South East, to rural Cumbria. For this purchase June Caunce was our conveyancer and she helped guide us through the intricacies of easements, septic tanks, boundary issues and more! These are all elements we had not encountered before and so having a local and knowledgeable firm helping us was vital in covering off those elements, ensuring the purchase went smoothly.
Clear Advice Feels Better
Good morning,
I just wanted to send an appreciation email! People are often quick to complain but not as quick to give appraisal.
This is the second time that I have used Vincent’s solicitors and I have yet again been very happy with the service received. Any queries I had were always answered efficiently & I never felt that I asked too many questions (or that they were silly to ask!). Nothing was too much trouble. Joe, also a great point of contact with again great communication and always very helpful.
Thank you so much for making this a stress free process, and I will continue to recommend Vincent’s Solicitors & the team there.
Happy Monday & have a great week!
Kind regards,
Jessica
Clear Advice Feels Better
Nicole, Sarah, Daisy
A belated thank you from me for all your support , patience and hard work on getting the purchase over the line.
As ever, a first rate service from you all – you are by far the best conveyancing team I have ever experienced and as this was property transaction no 18 for me that gives you some context !
Kind regards
Alison
Clear Advice Feels Better
Following completion on my property sale I just wanted to show my appreciation for Vincents conveyancing services and in particular the support provided by Kerry Rankine.
Kerry was efficient, responsive and proactive throughout the transaction, her efforts made what could have been a stressful process straightforward and stress free, please pass on my personal thanks.
Now that this property has been sold we need to sort out our Wills & LPAs and I would appreciate an introduction to a suitable contact within Vincents, our preference would be to visit the Garstang office.
Regards
Adrian
Highly Recommended
I highly recommend Vincent’s solicitors for their exceptional conveyancing services. June and her team were not only friendly but also displayed extensive knowledge, delivering an excellent service for the selling and purchase of my new property.
Efficient and Reliable
We have used Vincents now on two occasions and cannot fault them. They are efficient, reliable as always. And as for solicitors, I will not use anybody else going forward. Amazing service and would recommend them to anybody!
Extremely Responsive
My wife and I have used Vincent solicitors for conveyancing since 2005 and for every property I’ve bought they have provided a consistently great service. They are always extremely responsive which helps enormously to speed the transactions along and they have always shown a high level of expertise. That expertise was especially useful in our most recent house purchase, which saw us move from a city centre property in the South East, to rural Cumbria. For this purchase June Caunce was our conveyancer and she helped guide us through the intricacies of easements, septic tanks, boundary issues and more! These are all elements we had not encountered before and so having a local and knowledgeable firm helping us was vital in covering off those elements, ensuring the purchase went smoothly.
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