Buying Guide

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
3rd Step: Mortgage advice
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
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