Urgent stamp duty changes: Here's what home movers need to know before 1st April

27 February 2025, 11:37

Changes to Stamp Duty Land Tax (SDLT) rates for home movers will take effect at the end of next month, so it’s important to get prepared now.

SDLT is a tax on property transactions, and what you pay is based on the value of the property, and other determining factors such as whether you are a first-time buyer, own more than one home, or are simply moving from one owned home to another.

If you are in the process of buying a property in England or Northern Ireland, you will pay a higher rate of SDLT if you complete on or after Tuesday 1st April.

Home buyers who already own a property, or a share in one, will begin paying SDLT on properties worth over £125,000.

First-time buyers pay no SDLT on properties valued up to £300,00 (reduced from the £425,000 threshold).

Those purchasing a property in addition to their main residence will also be liable to pay an additional 5% additional Stamp Duty Land Tax on the full value of the property.

If you are hoping to complete your purchase before the changes to SDLT, the experts are here to help you. Speak to your conveyancing lawyer to confirm that you are able to complete by the 31st March.

If you have already made them aware, then rest assured that they will do everything in their power to make it possible to move. However, there are some factors beyond their control, especially if you are in a chain.

Therefore, make sure you have the funds to pay the SDLT if you do complete after the end of March. If you think that you might not be able to make the payment, then notify your conveyancing lawyer as soon as possible.

Since the 31st March falls on a Monday, you might find that your conveyancing lawyer will try to help you to complete on Friday 28th March instead.

This is to make sure that your mortgage funds are definitely on their way and processed before the weekend, to avoid any delays or additional costs for you.

It’s also important to consider that removals firms are already being booked up – so if you are looking to move on or just before the 31st March, make sure you appoint a reputable BAR removals company as soon as possible.

Remember that there will be an enormous number of home movers rushing to complete before the 31st March, and your conveyancer lawyer will have many clients under the same pressure as you.

To help your conveyancer assist you, make sure that you do everything that they ask you to do promptly, including transferring the deposit funds in time or signing documents quickly.

Finally, let the experts do their work! Your team of conveyancing lawyers and other homebuying professionals such as the agent, lender and mortgage broker will know what they need to do, and will be doing everything in their power to help you complete on time.

Your patience and co-operation will go a long way to reduce the stress.

If you aren’t sure how you might be affected by the changes to SDLT, make sure you speak to with the experts you have appointed for your home purchase.

They will be able to explain the changes to you, and prepare you to complete the necessary steps in time.

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Kate Faulkner is the Chair of the Home Buying and Selling Council

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