stamp duty

[crapmemory]

We are thinking of moving but have never paid stamp duty before. Pardon my ignorance, but where do I get the money for stamp duty from? (Please no sarcastic replies!)

[V2 Schneider]

If you are a first time buyer then you need to have it, simple as that.

If you are moving from an owned property it is taking from the equity via your solicitor or conveyancer.

If the property is under 125K you will not have to pay anything.

[crapmemory]

Thank you for your very quick reply! We want to downsize so any money we make will have to have stamp duty deducted from it. Obviously not meant to be able to live comfortably now the children are grown up!

[V2 Schneider]

And don't forget the legal fees (for buying and selling) about �1300

And estate agent fees (on selling your current property) between 1 to 2.5 of your final selling price.

Plus a decent removal company will cost around �1000 nowadays.

[buildersmate]

Stamp Duty Land Tax is simply a tax paid by the purchaser of a property, based entirely on the price of that property. In your downsizing situation your solicitor will remove the required sum from the proceeds of your sale to pay the money over to the Land Registry as he registers your new purchase. It is just one of the many costs borne when moving home - as listed above.