Last in this run of property blogs, I thought I would explain about Stamp Duty. Stamp Duty is a tax that you pay each time that you buy a property as your main residence above £125,000. Politicians are constantly changing the rules depending on who they are trying to win votes from!

The latest winners are first time buyers, who are buying in Northern Ireland or England. For properties up to £500,000, you will pay no stamp duty up to the first £300,000. Stamp Duty in Wales and Scotland are different and so be sure to check these out.

Current Stamp Duty losers, are buy to let investors and those who are purchasing second homes, as there is now an additional 3% charge.

When planning a property purchases (if you are a first time buyer or moving up the ladder) it is important to keep abreast of the rules so that you are not knocked off course. It is likely that any future changes will happen in The Budget, which now takes place in the autumn and also keep an eye out for the Spring Statement, in case there is anything in there too. You might find it useful to check out the websites on stamp duty for further advice.

Property Price First Time Buyer Non First Time Buyer 2nd Prop/Buy to Let
£100,000 £0 £0 £3,000
£250,000 0% £2500 £10,000
£505,000 £15,250 £15,250 £30,400
£750,000 £27,500 £27,500 £50,000
£1,000,000 £43,750 £43,750 £73,750
£1,500,000 £93,750 £93,750 £138,750


*correct at June 2018

Other Costs

Buying a property costs more than the deposit and the Stamp Duty. Don’t forget to budget for:

  • Valuation fee: approx. £150 – £1,500 depending on the property value. You might get a pleasant surprise though as some lenders don’t always change this.
  • Structural Survey: £250 – £600 +
  • Legal Fees: £850 – £1,500 + VAT. Searches will also need to be paid for and these are approx. £250-£300
  • Electronic Transfer Fee: £40-£50 – this is for the lender to transfer the money to your solicitor
  • Estate Agents Fees: It is best to get a quote but fees usually vary between 1% -3% plus VAT
  • Removal Costs: £300-£600 and in my experience though it can be as much more than this depending on the service and how much stuff you are moving.

So now you should be well versed when it comes to property. Please don’t forget to let me know how you get on.

Lots of Love

Miss Lolly xx