A Stress Free Guide to Stamp Duty-What You Need to Know

by Legal Author on December 20, 2012

Guest blog post regarding stamp duty.

Stamp duty is a term that you may not have come across previously but whether you are a first time buyer or are looking to add another property to your portfolio, you will need to pay this tax if the property in question is over a certain price. This added fee will increase the cost of moving and so it is definitely something that you must consider before you purchase your dream home.

So What Exactly is Stamp Duty?

The concept of stamp duty is a complex one to many people but it’s quite simple once you know the facts. Stamp duty is a type of tax that you have to pay if you wish to own a property in a certain price bracket. The price you will have to pay depends on the price of the property you intend to purchase and will be a percentage of the total price.

When and How to Pay Stamp Duty

Once you have purchased the property, you will have 30 days from the completion date to pay the stamp duty. If you have a solicitor, they can provide you with expert advice or even take care of it on your behalf. It is wise to pay the stamp duty bill at the earliest opportunity as if you are one day over the 30 day period, you could incur a fine. It is possible to add this amount to your mortgage but it is not recommended. This will of course accumulate interest over the coming years and work out more expensive in the long run. Paying your stamp duty is simple and you can do it from the comfort of your own home either on the phone or online.

Can I Avoid Stamp Duty?

No one wants to pay a lump sum of tax on top of the other costs that are involved in purchasing a property but unfortunately being able to avoid paying stamp duty is very rare indeed. There are not many circumstances where you can avoid stamp duty but if the property is below £125,000 you will not have to pay.

Where Can I Learn More about Stamp Duty?

If you would like to find out more information about stamp duty, you can find out about a plethora of related topics online. There are many online resources available that allow you to calculate the amount of stamp duty you will have to pay on the properties in your price range. There are many websites that provide stamp duty calculators that can give you an estimate online in seconds. Whether you are currently looking for a property to buy or simply want to do some research to ascertain whether you can afford to move, you can find all of the information you need online.

The author of this article is Remie Lund, an occasional guest blogger and full time freelance writer. What is stamp duty?  Find out more information online.

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