When you have completed your purchase, you may think that all has been done and dusted but post completion is just as important to ensure your legal ownership of the property.
Stamp Duty Land Tax (SDLT)
Stamp Duty Land Tax ("SDLT") is to be paid 30 days from the date of completion of your purchase. Failure to pay within 30 days will result in interest being accrued. Whether you need to pay SDLT or how much you are liable to pay depends on the purchase price of the property.
You can use the below link to calculate the SDLT due on your purchase:
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
Purchasing a second home?
If you are purchasing an additional residential property that is over £40,000 or more, then an additional 3% surcharge is payable in addition to the SDLT set out above.
Please note: The additional surcharge does not apply when you are replacing an additional residential property. It will only take effect if you purchased a second home such as a holiday home.
How do you arrange payment for SDLT?
In order to make payment, your solicitor will complete the SDLT Return through the online portal on your behalf. The SDLT return sets out your details, the seller's details, the purchase details (such as the date of exchange and completion) and information about the property.
Once the SDLT return is submitted, your solicitor will receive a SDLT 5 certificate as confirmation of the SDLT return having been submitted. The SDLT 5 certificate is NOT confirmation of payment.
