Stamp Duty Land Tax
Stamp Duty Land Tax is the tax the Government levies on a house sale. It is always paid by the buyer of a property.
It is important that you factor this into your purchase costs as it can be thousands of pounds depending on the price of the property you are purchasing.
Convey Law collect this payment from you in advance of your purchase and pay the fee to HMRC within 14 days of your completion.
Stamp Duty Land Tax Cost
When you purchase a property in the UK, it is likely you will have to pay Stamp Duty Land Tax (SDLT) in England and Northern Ireland and a similar land transaction tax in Wales and Scotland.
The tax is calculated as a percentage of the purchase price, so how much you have to pay will vary. The amount will also differ if you are a first-time buyer, in which case you are usually exempt up to a certain purchase price. The rate will be higher if you already own a home and are purchasing a second property.
Your Conveyancer will request that you send your SDLT payment with your deposit funds just before Exchange of Contracts.
To calculate how much SDLT you will have to pay, you can use the HMRC SDLT Calculator or request a quote on our website and we will calculate the SDLT as part of our estimate.