If you are unsure about certain property phrases, then our Jargon Buster will explain some key expressions so that you can become familiar with these once complicated property terms.
There are three rates of stamp duty land tax which could be applicable to the purchase of a property and are dependent on your circumstances.
If you are a first time buyer, then there no stamp duty to be paid on the first £300,000 of the purchase price of a property valued below £500,000.
If you are buying a property as a second home or investment, or you are retaining your current property whilst purchasing a new principal residence, you will be liable for a stamp duty surcharge of 3%. In the latter circumstance, the stamp duty surcharge payment is refundable if the property you have retained is sold within three years of your purchase date.
For more information, please visit: Money Advice Service