- 08
- May
Understanding Stamp Duty – What You Need to know?
At Pattinson Estate Agency, we know that attempting to understand the changing nature of Stamp Duty can feel overwhelming when you’re buying a property, so we thought we’d break it down for you.
The amount of Stamp Duty you’ll pay depends on the price of the property you’re purchasing. Whether you’re buying a freehold or leasehold property, or if land or property is being transferred to you in exchange for payment, then Stamp Duty will usually be due.
However, there are circumstances where it doesn’t apply, including:
If the property is a gift (with no outstanding mortgage)
If the property is left to you in a Will.
If the property is transferred as part of a divorce, separation, or the end of a civil partnership.
It’s also important to know that if joint owners are unmarried and not in a civil partnership, transferring an interest in land or property between them may trigger Stamp Duty Land Tax (SDLT).
For shared ownership properties, different rules apply too.
If you’re considering buying a property, we strongly recommend seeking independent tax advice to understand the taxes and costs specific to your situation.
There were some important changes which came into effect on 1 April 2025;
Here’s what changed for residential properties where you own just one home:
The 0% threshold (where no SDLT is due) has reduced to £125,000, down from £250,000.
First-time buyer relief has also been adjusted. First-time buyers will now pay no SDLT up to £300,000, this was previously £425,000.
The maximum property value eligible for first-time buyer relief is now £500,000, instead of the previous £625,000.
At Pattinson Estate Agency, we’re always here to help you navigate changes like these. Whether you’re buying your first home, moving up the ladder, or investing in property, we’ll guide you through every step, including understanding the latest updates to Stamp Duty.
Low-Deposit Mortgage Deals - More good news is that (according to recent figures) there are many low-deposit mortgage deals available now, which is fantastic for first time buyers, and for the property market in general, despite the above discussed changes in Stamp Duty in England and Northern Ireland. Here at Pattinson, we are continuing to see that the property market is, in fact, still moving!
If you’re thinking of selling your property or just interested in knowing what it’s worth – Click here for a FREE Valuation !