Choosing a home is a difficult decision. Buying a property is the most-expensive decision most of us will ever make. With John Minnis Estate Agents we will guide you through the whole process as best we possibly can.
1st step: Register with us / Call us
2nd Step: Arrange viewings, again should there be a link to contact us or to the sale search section?
3rd Step: Mortgage advice, Again contact us etc etc
4th Step: Make Offer
5th Step: Agree on a property, appoint solicitor / surveyor? We would recommend that it takes 8-12 weeks from agreeing on a property to completion.
6th Step: Liaise with Agent and Solicitor during the conveyancing process.
7th Step: Move in
Stamp Duty
Stamp Duty When Buying Your Next Home
Stamp duty rules changed in September 2022 in a bid to make buying a new home more affordable for first-time buyers and those looking to buy their next property. The new rules mean that the standard rate you will pay for buying a property will be::
- Nothing on the first £250,000 of the property price
- 5% on the amount between £250,001 and £925,000
- 10% on the amount between £925,001 and £1,500,000
12% on the rest (above £1.5 million)
Example
If you buy a property for £350,000, you’ll pay £5,000 of SDLT. This is made up of:
- nothing on the first £250,000
- 5% of the next £100,000
Stamp Duty Charges For First Time Buyers
If you are a first-time buyer, you may be able to claim relief on stamp duty. However, all parties must be first time buyers to be eligible for the discount. The following applies:
- No stamp duty payable on properties up to £425,000.
- 5% stamp duty payable on properties on the portion from £425,001 to £625,000.
- No discount or relief on properties £625,001 or over.
Stamp Duty Charges on a Second Home
Any additional properties will incur an additional 3% charge on top of the standard rates of stamp duty. The increased rate applies to properties that are £40,000 or more, but it does not apply to caravans, mobile homes or houseboats.
Stamp Duty Calculator
