Stamp Duty on exchange of contract?

adamski911

Hi,
We are looking to purchase a new build that wont be complete until the beginning of next year but we may complete exchange of contracts before the end of this year.
If we are able to do this then would we not have to pay stamp duty?

CloudCuckooLand

Stamp duty becomes due on completion.

Despite exchanging, it is possible the contract will not reach conclusion, so it is not at that stage.

Keith

adamski911 wrote: »

Hi,
We are looking to purchase a new build that wont be complete until the beginning of next year but we may complete exchange of contracts before the end of this year.
If we are able to do this then would we not have to pay stamp duty?

As said above SDLT is payable on completion, I'm guessing you are asking if your purchase will qualify for the 0% rate currently in place for properties up to £175,000, this holiday only applies to purchases completed before December 31st.

You never know the holiday could be extended.