Stamp duty

[winetime89]

just had an estate agent round to value the house, I asked about stanly duty, he said stamp duty goes up to 5 percent on a house over 250000 and if we were to buy a house for say 255000 we are looking at around 5000 pound stamp duty. this doesn't sound right to me but I am very bad at maths. Is this correct?

www.moneyadviceservice.org.uk/en/tools/house-buying/stamp-duty-calculator

All changing on 1st April.

Find another estate agent. If he doesn’t know SDLT rules, he sure won’t do a good job on selling a property.

No, it’s not correct.

www.gov.uk/stamp-duty-land-tax/residential-property-rates

0% up to £125k
2% £125k to £250k portion
5% £250k to £925k portion

So purchase price £255k

0-125 = £0
125 - 250 = £125k x 2% = £2500
250 - 255 = £5k x 5% = £250

Total bill £2,750

@Merryoldgoat

No, it’s not correct.

www.gov.uk/stamp-duty-land-tax/residential-property-rates

0% up to £125k
2% £125k to £250k portion
5% £250k to £925k portion

So purchase price £255k

0-125 = £0
125 - 250 = £125k x 2% = £2500
250 - 255 = £5k x 5% = £250

Total bill £2,750

Thank you- I thought he was wrong. Safe to say I won't be going with that agent.

Do you own another property though? If you do it’s more like £7500. £5000 is def wrong either way though!