Stamp Duty is a tax paid on the purchase of a property and can be a hefty amount to add to an already expensive transaction. However, there are ways to reduce how much stamp duty you have to pay or avoid paying it all together. Here are six tips.

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1. Negotiate the purchase price

The amount of stamp duty is calculated as a percentage of the property price, above certain thresholds. Quite simply, the higher the purchase price, the more stamp duty you pay. If you want to arrange a home buyers survey Watford is a good place to search for a surveyor, such as Sam Conveyancing home buyers survey Watford. Sometimes the survey flags up things which can affect the value of the property, and would spark a renegotiation of the price.

If you are purchasing a new build, developers sometimes offer to pay the stamp duty for you. If they don’t advertise this, it is worth asking if they will consider it.

2. Transfer a property

When a property is gifted or left in a will, you do not have to pay stamp duty, unless you take on some or all of the responsibility for the mortgage.

3. Buy out your ex

If you are buying your ex out of a property you own jointly, you will not have to pay stamp duty. You may have to if you are not married or in a civil partnership, however. Unbiased offers advice on how to go about buying your ex out at

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4. Apply for a stamp duty refund

If, for example if you purchased a second property, paid the 3% surcharge for additional homes and then sold your main home within three years, you might be able to claim back stamp duty if the second property is now your main home.

5. Pay separately for fixtures and fittings

Stamp duty is only applicable on the price of the property, so if you agree a price for fixtures and fittings with the vendor, pay for this separately.

6. Build your own

While perhaps a little extreme, if you purchase a plot of land with planning permission, you only pay stamp duty on the price of the land, not the value of the finished home.

You should always seek advice on your individual circumstances to ensure you are doing the best for your own budget.

Russell Gross

Hi, I am Russell; I am an entrepreneur, father, mentor, and adventurer passionate about life. At this moment, I am working with depression and anxiety; here are my blogs on how to recover from anxiety and how to fight anxiety. I hope everyone will like my blogs.

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