Before Buying

Organise your finances

Beginning to search for your dream home can be a daunting task for anyone, especially those new and inexperienced in the property market. However, taking simple steps such as organising your budget and having a clear idea of what you’re looking for goes a long way.


As well as the budget for the actual home, one must consider the variety of costs separate from the amount needed to cover the sale price. These costs could consist of solicitor, conveyance and mortgage arrangement fees, plus stamp duty – which must be paid upon purchasing;  


First time buyers do not pay Stamp Duty (0%) on purchases of up to £300,000. This is because in late 2017 (22 November 2017), stamp duty laws changed to encourage first-time buyers to invest. 


There are further savings for First time buyers who aim to buy a home with a purchase price between £300,001 to £500,000, with a 5% portion of Stamp Duty to be paid if valued between those two figures. 


For first time buyer’s purchasing over £500,000, or for those who have purchased a home in the past, the following stamp duty rules currently apply:

• £0 – £125,000: -0% 

• £125,001 – £250,000: 2% portion 

• £250,001 – £925,000: 5% portion 

• £925,001 – £1,500,000: 10% portion 

• £1,500,001 +: 12% portion 


Here are some examples of the amount of stamp duty one could expect to pay in certain price ranges: 

Purchase price of; 

• £250,000 = £2,500 

• £300,000 = £5,000 

• £400,000 = £10,000 

• £500,000 = £15,000 

• £600,000 = £20,000 

• £1,000,000 = £43,750 

• £2,000,000 = £153,750