How Can You Save On Stamp Duty Before The Rates Go Up?
Stamp duty is a government tax that a buyer of a property pays to the government as a lump sum on completion of the purchase. Read more.
If you are in the process of or considering purchasing a property this question is likely on your mind. On 1st April 2025 stamp duty is set to increase and whether you are a first-time buyer or landlord, completing prior to the hike could save you thousands in case you are wondering ‘how can you save on stamp duty before the rates go up?‘ Before we explain how you can avoid those increased rates – here is a brief breakdown of everything you need to know about stamp duty.
What is Stamp Duty?
Stamp duty is a government tax that a buyer of a property pays to the government as a lump sum on completion of the purchase. The payment can be handled by the buyer personally or the buyer’s solicitor. How much a buyer pays depends on the factors like;
The value of the property being purchased
If they are a UK resident
Whether they are a first-time buyer
Or, if they are purchasing an additional property
To determine how much stamp duty you will pay you can use our stamp duty calculator or speak to one of our best conveyancing lawyers today.
What are the Current Stamp Duty Rates?
The current stamp duty rates were set as a temporary measure to provide relief to buyers and support the housing market in September 2022.
They are as follows;
SECOND HOMES
What Will the New Rates Be?
From the 1st April 2025 the following new rates will apply to all property purchases in the UK;
How Can You Benefit From the Lower Rates?
To benefit from the lower stamp duty rates, you would need to complete your property transaction by the 31st March 2025. Eventually, this could save you a significant amount of money, especially if you are a first-time buyer. As an average you could be looking at up to £6,250 as a first time buyer and £2500 if you are an existing home owner.
The conveyancing process can take anything from up to twelve weeks and beyond, making time of the essence for those looking to save on stamp duty. If you are in the fortunate position of acquiring a new home the good news is, we can help you make the deadline. We offer a fast track-service to expedite your case and ensure you meet that all important completion date.
Why Should You Use Our Fast-Track Conveyancing Service?
By choosing our fast-track service you will benefit from the following;
Fast Completion
We prioritise your case, working closely and efficiently with third parties to ensure all is in place to complete by the 31st March 2025.
Bespoke Service
We give you a personalised priority service from start to finish, your solicitor will always be a phone call away to answer any questions to put your mind at rest. Additionally, you will have access to your personal property portal to track important updates.
Big Savings
By completing at a faster rate, you will save you the additional costs of the spike in rates that come into action from the 1st April 2025.
Guarantee
The fee for our fast-track service is £500. Furthermore, if we do not meet the completion deadline then we will refund this to you making this a win-win opportunity to make big savings.
Wrapping Up
Ready to move? Waterstone fast-track service has limited spaces, to secure your solicitor please get in touch today and let’s get you moving with confidence.
This article is general information, not legal advice. For advice on your own matter, make an enquiry — it's free and confidential.