Spring pays Stamp Duty on some of the homes we buy. These transactions are considered additional properties so the Stamp Duty rate is 3% higher than standard Stamp Duty rates. For more about the Government’s Stamp Duty rates, click here.
WHEN OUR PURCHASE IS STAMP-DUTY EXEMPT
In the following cases, Spring will not need to pay stamp duty on your home, which will result in a lower home buying fee for you.
If you are selling a probate property to us.
If you are selling your home to buy a new build
Condition 1. You must have lived in the property as your main home at some time during the 2 years before we buy it.
Condition 2. You intend to live in the new build as your main or only home
If you need to sell your home to relocate within the UK for work purposes.
If by buying your home, we are helping to fix a broken chain.
In all other cases, Spring will need to pay Stamp Duty and deduct it from your proceeds..
Spring's Stamp Duty Fees
Stamp Duty is payable as a percentage of sale price so this will be paid as a percentage of the offer Spring makes to you. Until March 31st, these are the fees payable by Spring (and thus duducted from your proceeds). Please note Stamp Duty works in bands so if your Spring Offer is £700,000 Stamp Duty as per below will be 3% on the portion up to £500,000 and 8% on £200,000.
Stamp Duty Payable
£0 - £500,000
The next £425,000 (portion from £500,001 - £925,000)
The next £575,000 (portion from £925,001 to £1,500,000)