How much stamp duty is payable on a house being purchased for a price of £210,000?
In another in our series we look at how much stamp duty you need to pay when you buy a house worth £210,000. Stamp Duty is payable on residential properties over the value of £250,000 and so you may need to have some extra cash to pay for this charge once the transaction completes and you own the property.
Stamp Duty is calculated in tranches at different rates and for a property worth £210,000 you now do not need to pay any stamp duty (figures updated September 2022).
However, if you are buying a second or subsequent property then you will need to pay the additional stamp duty of 3% which is due on those purchases. If you are in any doubt about whether you have to pay this then consult your solicitor but the basic rule is that if you own or part own another property (no matter where in the world) then you will have to pay the additional stamp duty.
So if this is an additional property purchase then you will need to pay £6,300 as 3% of the purchase price. This is calculated on the whole purchase price.
The Stamp Duty needs to be paid within 14 days of the transaction otherwise you will be subject to a fine and/or interest on the payment. You can submit the payment and form yourself but it is usually done by your solicitor.
Check out the Stamp Duty Calculator page for property purchases of different amounts.
If you are a first time buyer then you may be entitled to a reduced (or zero) rate of stamp duty on your property purchase – you can find details of that here.