Stamp duty
A stamp duty of 0,15% (£1,50 per £1.000) is levied on contracts with a value of up to £100.000. For any amounts thereafter, the rate is 0,2% (£2 per £1.000). The stamp duty is payable by the purchaser within 30 days of signing the contract.
Transfer fees
Property transfer fees are payable by the purchaser and are due when the title deeds are issued and transferred to his name.
Property Value (£) |
Transfer Fees (%) |
Up to 50.000 |
3 |
50.000 - 100.000 |
5 |
Over 100.000 |
8 |
For example if the purchase price is £130.000 the transfer fees are calculated as follows:
Property Value |
Transfer Fees (£) |
The first £50.000 @ 3% |
1.500 |
The next £50.000 @ 5% |
2.500 |
The last £30.000 @ 8% |
2.400 |
Total Transfer fees |
6.400 |
Tip for saving money on transfer fees: Should the purchase be made in joint names, the effective value for calculation is halved.
For example if the purchase price is £130.000 and the purchase is made in joint names you can save £1.900. The transfer fees are calculated as follows:
£130.000/2 = £65.000 for each purchaser
Property Value |
Purchaser A |
Purchaser B |
Total Transfer Fees (£) |
First £50k @3% |
1.500 |
1.500 |
3.000 |
Next £15k @5% |
750 |
750 |
1.500 |
|
|
|
4.500 |
|
