What is Stamp Duty? Stamp Duty (SDLT) is the tax that you pay when you buy a property. The price you are paying for your property will determine how much stamp duty you will have to pay and this changes again if you intend to own more than one property too.
In July 2020 it was announced that there would be a stamp duty holiday until the 31st March 2021 and that there would be no tax tax payable for properties up to £500,000 (as long as the property would be your only property on completion) to help the property market get moving again.
We are here to give you a reminder of this date as it is fast approaching! If you are hoping to take advantage of this holiday and save some money you do not have long as currently the average time for property purchases to complete is somewhere between 90-120 days. Some of the bigger solicitor firms are already refusing to guarantee completion before this date.
So if you are looking for properties currently you need to be mindful that you will need to have an offer accepted within the next two to three weeks to have any chance of completing by the deadline.
If you would like to find out how much you could save or just need some more information then speak to your local mortgage broker.