Stamp Duty on a £350k Property

Stamp Duty on a £350k Property

How much stamp duty do you pay on a property costing £350,000? (Updated September 2022)

If you are buying a property costing £350,000 then, as you know, you will need to pay stamp duty on the purchase price of the property. For residential property of this value the amount of stamp duty that you need to pay depends on whether the property is your first or main residence, or if it is being purchased as a second property.

As there are many conditions surrounding this we will not go into detail here but instead give you both figures.

Stamp Duty needs to be paid within 14 days of the completion of the purchase of the property so you will need to factor this in to the costs of buying/moving.

Main or First Property

If the property that you are buying is your main home purchase or a replacement for your main residence then it is likely that you can pay the basic rate of stamp duty (you will need to check fully with your solicitor depending on your circumstances).

This means that the amount of stamp duty due is £5,000.

There are exceptions for first time buyers who may not have to pay as much stamp duty as this. Check out the article about that announcement from the Chancellor.

Second Property

If you (including one half of a couple) own another property and are not using the purchase to replace your main residence then you will need to pay the higher rate of stamp duty which imposes an extra 3% charge on the purchase price in addition to the standard stamp duty charge.

This means that for a second property purchase valued at £350,000 you will need to pay a total of £15,500 in stamp duty.

You can work out how much stamp duty you need to pay based on different purchase prices by using our stamp duty calculator.

These figures do not take into account any temporary suspension of stamp duty that may be in force.
Stamp Duty on a £350k Property

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