At what stage do you pay the stamp duty??

G

glic

Registered User
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This seems like a basic question, but I couldn't find any reference to it on the key posts lists. When exactly do you have to pay the stamp duty? How long after you've drawn down your mortgage and the sale has gone through do you have before you pay the stamp? I presume it's paid through the solicitor?

Do you have a few months to get the stamp duty fee together, or do you have to do it pretty much as soon as you've bought the house??

Cheers.
 
glic said:
This seems like a basic question, but I couldn't find any reference to it on the key posts lists. When exactly do you have to pay the stamp duty? How long after you've drawn down your mortgage and the sale has gone through do you have before you pay the stamp? I presume it's paid through the solicitor?

Do you have a few months to get the stamp duty fee together, or do you have to do it pretty much as soon as you've bought the house??

Cheers.
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I can't remember off hand the exact time frame for when it is due to the Revenue I think it's a month or two but as your solicitor has a secondary liability to pay if you don't they will insist that you pay over the stamp duty to them when you are closing.
 
You usually have to pay it as you close at the same time as you pay the solicitor's fees.
 
Lauren said:
You usually have to pay it as you close at the same time as you pay the solicitor's fees.
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Because the Solicitor has given an undertaking to your lending institution that he/she is in funds in re. outlays and stamp duty so that registration can occur in a timely manner without solicitor having to chase beleaguered purchaser for funds.

I'm often asked if the client can't just pay the stamp duty one month after closing - after all, why should Revenue benefit? But the anser is no - because of (a)above and (b) the only time I ever saw it happen, the client buggered off, spent the money on furniture and solicitor ( who had to proceed and paid s. d. themselves) had a heck of a job recovering it.

Not everyone is nice and honourable

mf
 
We bought recently and the solr said we she would have to have the s.d. to the revenue within 30 days of closing the sale.

They had it sitting in their client a/c anyhow waiting to be paid.
 
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