Document Duty holiday draws to a close

25th September 2014

As from 1st November 2014, Document Duty payable on residential property purchasesof £250,000 or less will rise from 1% to 2% of the Realty price (the Realty price is the purchase price less the amount apportioned for carpets, curtains and other contents).

Document Duty payable on residential property purchases between £250,000 and £400,000 remains at 2.5%. This is less than the previous figure of 3%, which was reduced when the Document Duty holiday was introduced 12 months ago.

There is no change to Document Duty payable on house purchases above £400,000, which stays at 3% – the same figure as prior to the Document Duty holiday.

This change does not affect other conveyancing costs such as Advocates fees and Court and Greffe fees and is in the face of strong arguments made from both within and outside of the industry to extend the Document Duty holiday, or even reduce Document Duty further, to boost the housing market.

Contact the sales negotiators at Cooper Brouard for expert assistance in calculating your legal fees when buying a property.