When buying a property, you’re required to pay stamp duty. The stamp duty amount varies from state to state and also the property type old or new. It’s essential to understand the different aspects of stamp duty to make an informed decision about property transfer.
What do transfer fees cost?
The government charges a tax called stamp duty on property transfer to legally record certain types of transactions. It’s often a percentage of the purchase price. It’s usually paid by the person buying the property. Solicitors and conveyancers typically file the return with HM Revenue & Customs and pay any stamp duty on your behalf, but you can do this yourself if you prefer.
You may need to pay Stamp Duty Land Tax (SDLT) when you transfer ownership of a property, for example:
SDLT is payable if you acquire an interest in land or property and give anything of monetary value in exchange. This might be a cash payment, taking on liability for the outstanding mortgage or transferring other assets like shares. You can find out more on the HMRC website.
