How much stamp duty will I have to pay on the purchase of a £550k property? The answer to this depends on what your situation is and in particular whether this purchase is for your main or only residence or if you have/will have other property and it will be a subsequent property purchase.
So let’s consider the most straightforward scenario first – you are buying a property that you are planning to live in as your main residence (figures updated September 2022).
- In this situation you will need to pay £15,000 in stamp duty on that property purchase
The second scenario is if you are buying a second or additional property where you are subject to the extra 3% that is payable
- In this situation you will need to pay £31,500 in stamp duty – so almost twice the amount than that payable on a first property
If you are a first time buyer then you do get some relief on the amount you have to pay. You pay 0% on the first £425,000 and then 5% on the amount above that – so £6,250 in total.
You can find out how much stamp duty you need to pay for specific property purchase prices by using our stamp duty calculator.
You should always consult your solicitor about your own individual circumstances to make sure that you are paying the right amount of stamp duty as the figures about are only to be used as a guide and are given in good faith using current information at the time of publishing.
Stamp duty needs to be paid within 14 days of completion of a property purchase so you will need to have the money available to pay at this time.
will i have to pay stamp duty at the higher rate on my new house if my precent house is sold but we have not completed on the sale yet
Many thanks Terence Barker
Hi Terence, the amount of stamp duty payable is at the rate applicable on completion of the purchase. So if you have not yet completed on your purchase then the new rates will apply.