Paying Stamp Duty

Beverley_TBV


Joined: 03/02/2008
Posts: 4

Message Posted:
03/02/2008 21:22

A new law as introduced in Jan 08, saying that if you've signed the contract but not got the title deeds, you need to pay stamp duty and get it registered as the land registry. You need the stamped contract to set-up your electricty supply.



If you pay the stamp duty within 21 days (I think, confirm with your solicitor) you pay 0.5% of the property value, if it's beyond that you pay 1.5%. Plus a charge made by the solicitor for the priviledge, about £100 (I think).



Some people have been advised and have paid it early, others (myself included) haven't and now need to pay the 1.5%.



I have seen talk on a website that we don't pay it directly, that we pay it to the developer and they are responsible for paying it to the land registry and getting the property registered, but I'm not sure. I will update when I have further information.



Sorry to be the bringing people bad news. I found out last week whilst I was over there and wasn't a happy bunny.

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
03/02/2008 22:05

Beverley,

Look on the new legisiliative law post it may help.