Common questions about buying property

Answers to some of the questions most commonly asked by home buyers.

When do I have to take out home insurance?
You are legally responsible for your new property from the moment that you exchange contracts. Your home insurance should start from this date, regardless of when completion is due to take place.

How much stamp duty do I pay when I buy my house?

Stamp duty is payable on a tiered basis as shown below. (From the 4th December 2014)

  • No SDLT payable at all on properties up to £125,000
  • The first £125,000 on properties to be free of SDLT
  • Then payable at 2% payable on the portion up to £250,000
  • Payable at 5% on the portion up to £925,000
  • Payable at 10% on the portion up to £1.5m
  • Then payable at 12% on the portion over that amount.