As you will be aware, when buying a home within the UK, Stamp Duty is payable. Here are the current rates of Stamp Duty (please note that should you be planning on purchasing an addittional residential property, then the rates are different).
Purchase price of property (£) Rates paid on the part of the property
price within each tax band
£0 - 125,000 0%
£125,001 - 250,000 2%
£250,001 - 925,000 5%
£925,001 - 1,500,000 10%
£1,500,001 and over 12%
At a purchase price of £300,000, you will pay no stamp duy on the first £125,000, 2% on the amount between £125,000 and £250,000 (£2500) and 5% on the remaining £50,000 (£2500) - a total of £5000.
Should you be considering a move or are needing general property advice, then please do contact our office and we will pleased to try and help.
Hillsdon House, High Street, Sidmouth, Devon, EX10 8LD• Sales & Lettings: 01395 516 633
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