How do I find out how much stamp duty I have to pay?
You always have to complete a stamp duty declaration to HMRC whenever you buy a home and this will be done on your behalf by your solicitor.
If the home you've bought is (or will be after you've sold your existing only home) your only home and primary residence and the price of your new home exceeds £125,000; you have to pay stamp duty, initially at 2% of the value exceeding £125,000.
If the home you've bought is a second home, you have to pay stamp duty on it if the value exceeds £40,000. For values ranging between £40,000 to £125,000, you have to pay stamp duty at 3% of the amount exceeding £40,000.
For property values exceeding £125,000, you additionally have to pay stamp duty of 5% of the value exceeding £125,000.
The higher the buying price, the higher the percentage of stamp duty you will pay. The next band covers buying prices ranging between £925,001 and £1.5 million and the stamp duty rates are 5% and 8% respectively.
Click to use our Stamp Duty Calculator