A quick explanation of stamp duty and how it applies to home buying, along with a good quote from a mortgage expert can be the difference between making a great decision and getting ripped off in the process. This is one of the most common misconceptions about buying any property, so I have put together some quick and easy to understand advice that should ease your mind. There are two parts to look at when considering whether a stamp duty valuation on your mortgage offer is fair, and these two parts are finding a good broker and getting a good valuation on your property.

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The first thing to explain to first time buyers is that stamp duty is not actually a ‘rate’ charged by the government, but rather a percentage of the mortgage cost. As a first time buyer you may be under the impression that you will have to pay as much stamp duty as you would for a house of your own – this isn’t true. What you will actually have to pay for is the value of the portion of the mortgage that comes after the valuation. If you think you’ve paid too much, consider advice about a SDLT Refund from https://www.sentientsdlt.co.uk/

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You don’t get this money back, and you don’t get to write-off a profit or loss on your capital gain return. In short, it’s just an extra fee that comes with the purchase of any home. However, it is a complicated tax to calculate and errors are made, so if you meet the criteria, you may qualify for some kind of refund of prior amounts paid.