At what stage do you pay the stamp duty

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Petal

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Folks,

I'm just wondering in which stages all the monies have to be handed over? From what I gather you first put down your booking deposit (about 5K), then eventually you sign the contracts and pay 10% of purchase price. What I'm wondering is, at what stage do you pay your solicitor and when do you pay the stamp duty?
Do you, the instance your mortgage is being drawn down, get back the booking/contract deposit? And do you pay the stamp duty to your solicitor or to the revenue separately?
I am going for a 100% mortgage, so the 5K booking deposit will eventually go into the solicitors fee's and other costs, so I kind of need to get an idea about all the timings....

Thanks for all help!
 
As far as I know stamp duty is payable (via the solicitor) 30 days after the final closure of the deal. They may require the money up front though at the time of closure.
 
Thanks ClubMan. The final closure - is this when the mortgage gets drawn down and you get the keys to the house?
 
ClubMan said:
As far as I know stamp duty is payable (via the solicitor) 30 days after the final closure of the deal. They may require the money up front though at the time of closure.
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Yes, but as far as I know, the solicitor is responsible for ensuring that it is paid. Hence they usually insist that you pay it at closing.
 
What this about getting a booking deposit back??? is this what happens? We paid six grand at the beginning of the sale as a deposit. Do ya mean to say we get this back??
 
Only if you have a 100% mortgage as in this case. No point in paying 100% of the purchase price plus the deposit for a house?
 
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