Blog | butters john bee Estate & Letting Agents

Sold STC (subject to contract) is when a seller has accepted an offer to buy their property, but before exchange of contracts. The estate agent should take the property off the market, put up a ‘Sold: STC’ sign outside the property and describe the property in online listings as ‘Sold STC’. There is, however, nothing legally binding about ‘Sold STC’ in England and Wales. It is an informal acceptance. Buyer and seller can both change their minds. If higher offers come in, an estate agent is legally obliged to pass them on to the seller. The buyer can also renegotiate the price or withdraw their interest in buying the property. It is only when contracts are exchanged that the purchase becomes legally binding. What is the difference between ‘under offer’ and ‘sold STC’’? When a property that is up for sale is described as being ‘under offer’, it means that an offer has been made by a prospective buyer. The sellers are considering it but not yet decided whether to accept it. Buyers can still make other offers. ‘Sold STC’ means that an offer has been accepted but contracts have yet to be exchanged. How long does sold STC take? There are no hard and fast rules for the length of time the sold (subject to contract) stage takes in the buying process. It will take as long as the financial and administrative aspects of the conveyancing process take to be put in place – such as the survey, the searches, the mortgage application, itemising the fixtures and fittings in the property. This might take anything between 6-12 weeks depending on the complexity of any issues found. Could the sale of a property sold STC fall through? Yes. There is nothing guaranteed about a property completing after it has sold STC. In fact 25% of all prospective purchases that reach under offer or Sold STC fall through. ‘Gazumping’ is a very real practice and there is nothing illegal about it. Sellers can still consider higher offers than the one they have accepted. Buyers can withdraw their original offer if the survey reveals a major problem with the building or a legal search has revealed planning issues about the area. Can you still live in a house sold STC? No, you can’t move into a house while it is still at the Sold STC stage. Contracts must have been exchanged and completed. When contracts are exchanged deposits are paid and there are major legal and financial implications in either buyer or seller pulling out. Protection from sold STC issues Because there is nothing legally binding about the ‘Sold (subject to contract)’ status, buyers and sellers have the freedom to do whatever they want up to the point when contracts are exchanged. Neither has more legal protection than the other while the property is still only Sold STC. Let butters john bee help you find your next home We are dedicated to helping people buy a property. For more advice on the buying process, contact butters john bee today.

When you’re in the process of moving home, there seems to be a lot of forms and paperwork. One of these is the fixtures and fittings form. This guide is to tell you exactly what this is, why you need it, and help you to fill it out with confidence. If you’re unsure about any part of the moving process, don’t forget butters john bee has an entire guide to selling your home – LINK TO ‘House selling process: A complete guide’ ARTICLE, from finding the right agent to that all-important completion date. What is a fixtures and fittings form? This paperwork is completed when buying and selling a property as it tells each party exactly what is and isn't being included in the sale. The form will contain a list of fittings and contents within the property, such as furniture, curtains, shelving, flooring, and light fittings and state whether or not these items will be left in the property upon completion of the sale. The purpose of the form is so that both the seller and the buyer of the property are completely clear on what is and isn't going to be left behind in the property, so no disagreements can arise. Some items may be included but only if the buyer pays an extra fee, for example for curtains or carpets to be left. Ultimately, this form prevents any surprises on moving in day where a buyer walks into the property and finds things missing or left behind when they weren’t expecting it. What is the difference between fixtures and fittings? Fixtures are items which are ‘fixed’ to the property itself, such as a tiled floor, bathroom suite, or a fitted kitchen. Unless the seller has clearly stated otherwise, these are usually included in the sale of the property, as they are clearly costly to remove. Other examples include: Plumbing Electric sockets Satellite dishes Boilers Radiators Fireplaces Doorbells Fittings, on the other hand, are items which are not fixed to the property itself, including things like standalone wall cabinets, pictures or shelves hung on the wall, or loose rugs. Curtains and curtain rails, shelving, and items in the garden like patio furniture. Some more examples are: Beds Sofas Curtains Blinds Tables Paintings Mirrors White goods (fridges and freezers etc.) Lamps So, the general rule of thumb is that fixtures are included in the purchase price whereas fittings and contents are not, unless there’s an agreement between the buyer and seller. However, to avoid any confusion, the fixtures and fittings form is used to clear up any doubt about what’s included and what is not. What is included in the fittings and contents form? The form is divided into 11 sections, listing out all items that you would commonly expect to find in a home. For each item, the seller check a box to say whether the item is fitted or freestanding and whether it is included or excluded from the sale. There is also an option for if the item is not present in the property, as some sales may be newbuild and not currently occupied. The form covers: Basic fittings like the boiler and central heating system, light switches, sockets, insulation, and doors. Kitchen including appliances. Bathroom including the suite and taps (this section even counts smaller items like toilet roll holders and shower curtains.) Sellers must leave a note of which rooms have them and if they are being left. Curtains and curtain rails. The same as for carpets. Light fittings. If the seller is taking any light fittings with them, they must be replaced with a basic fitting and bulb. Fitted units. Covers fitted cupboards, shelves and wardrobes in each room. Outdoor area. This includes any outdoor space connected to or part of the property, so balconies count as much as a garden. Television and Telephone including any existing TV or phone infrastructure, such as the TV aerial, satellite dish or telephone receiver. Stock of fuel. This section is for properties with fuel-burning appliances like a log burner. The seller has to say if they are leaving any fuel behind when they move. The last section is marked as ‘other items’ in case there’s something in the property that doesn’t easily fit into the other categories. It’s important that everything gets covered on the form to avoid any confusion. At butters john bee, we believe it’s always best to talk with us in person, so find your local butters john bee branch and get in touch to see how we can put our expert local knowledge to work for you.

Why is exchanging contracts so important? Exchanging contracts and completing are the final hurdles of selling your property and where things become legally binding. This is why, especially at this point, you must stay in regular contact with your solicitor to keep up with how the process is progressing. If the exchange doesn't occur then the sale isn't legal and the completion can't be actioned. What happens during exchanging contracts? The seller’s solicitors are responsible for drafting the contracts. The exchange of the contracts usually occurs once the following has been conducted and agreed upon by both parties: Preliminary enquiries carried out Local search enquires conducted Fixture and fittings to be included listed out and agreed The buyers have a confirmed mortgage offer When both the buyer and seller are satisfied with the contract, both sides are required to sign the final copies and send to each other, usually through their solicitors. The agreement to buy and sell is now legally binding, and therefore neither party can pull out without usually having to pay a hefty compensation. What happens after exchanging contracts? Once the contract is signed by both the seller and the buyer, a deposit (% of the purchase price) is paid or transferred by the buyer’s solicitor to the seller’s solicitor who then hold this deposit until the completion of the sale of your property. A completion date can then be agreed upon between the buyers and the sellers. Exchanging on a property with tenants Having tenants already occupying the property can add time to the process. Our advice is to speak with your estate agent to ensure you carry out all necessary steps that you are responsible for. Most of these steps need to be carried out before you put your property on the market. What is completing? Completion or completing on a house is the final stage of the property sale/purchase transaction. When the seller's solicitor confirms they have received the full purchase monies you have completed. Ownership is transferred from the seller to the buyer by dating and transferring title documents. Prior to the completion date, it is a good idea to contact your solicitor to confirm the necessary steps you need to take and confirm all the costs and payments involved. What are the steps to completion? There are just a few last steps to completion! Residual money needs to be transferred from the buyer’s solicitor to you solicitor. Your solicitor should inform you once this is confirmed and then instruct the estate agents to release the keys. Other important things that happen at this stage: The legal documents needed to transfer ownership need to be handed over to the buyers You will need to move out of the property (if you haven’t already) and ensure you have left the property in the state agreed to in the contract. This includes the fixtures and fitting set out to be included or removed. Once moved out, ensure the estate agent has all the keys to the property to hand over to the buyer. Congratulations on selling your property No matter which Howards branch you work with, you can rest assured that the service is of the highest standard, backed up with industry experts at every step. Contact us today to get help selling your property. Thinking of buying property? Do remember if you are buying or selling with us, our phone lines are open from 8am-10pm, seven days a week to ensure we are there for you every step of the way. If you prefer to speak to someone in person – just find the local branch to you, check their opening hours and pop in to see them – they will be glad to help you.

Here's our handy guide for the terms you need to know when dealing with property Think moving house is stressful? Then all of the added jargon that goes with the house buying and selling process can make it quite daunting. Our handy guide details some common terms and what they mean. A Acceptance If you wish to accept a lender’s mortgage offer, this document will need to be signed and returned to the lender. Amortisation The gradual elimination of a liability, for example, a mortgage through regular payments over a set time period or the amount paid by way of capital or principle repayments on a loan annually. Annual Equivalent Rate (AER) A notional rate that is often quoted on interest paid on savings and investments. It aims to demonstrate what your interest return would be if the interest was compounded and paid annually instead of monthly (or any other period). Annual Percentage Rate (APR) The APR is a figure that is used to compare different mortgages. Defined by law, it includes repayments on the loan plus any fees such as booking, arrangement or redemption fees. The APR shows the true cost of borrowing, and should appear on all mortgage illustrations and quotes. Applicant The name given to a potential purchaser, often used by estate agents/auctioneers. Appraisal Value Property value as estimated by a surveyor. Appreciation Increase in property value as a result of market condition changes. Arrangement Fee This is a charge levied by the lender to cover the costs of administering and reserving the funds for certain types of mortgage. May be paid separately or added to the loan amount. Assured shorthold tenancy (ASTs) This is the most common form of tenancy.  A tenancy can only be an AST if you are a private landlord or housing association, the tenancy started on or after 15th Jan 1999, the property is the tenants' main accommodation and you do not live in the property.  All of these must apply. Auction A means of selling a property whereby it is listed at an auction and if the property does not reach the reserve price then it is not sold. If it does, then when the auctioneer's hammer falls that represents an exchange of contracts and the successful bidder is legally obliged to pay a 10% deposit and sign a memorandum of sale before leaving the auction. Completion usually takes places 28 days later and the buyer is not in a position to re-negotiate any of the stipulated terms and buys the property "as seen". Structural surveys and searches would have to be made in advance by a bidder. B Base Rate The lowest rate of interest a bank will charge when it lends money, used as a benchmark to set interest rates for borrowers. This rate is set by the Bank of England and is reviewed several times a year. Lenders will charge borrowers a margin above the base rate. Bridging Loan A loan that is used to cover the overlap between the purchase of a new property and the sale of an old one. This will be a short-term loan. Building Survey Full inspection of the property, carried out by a chartered surveyor. A detailed report will follow highlighting the condition of the property and any issues/defects. Buildings Insurance An insurance policy that pays the cost of repair or rebuild in the event of your property being destroyed or damaged. This needs to be purchased before completion of your new property. Buy-to-let Mortgage A type of mortgage specifically for those purchasing a property with the intention of letting the property out. C Capital Amount of money either put into buying a property or the deposit placed on a property. Capital Appreciation Growth in the value of a property over time. Capital Gains Tax A tax on profits above a fixed level made from the sale of financial assets such as property or shares. Capped-rate mortgage A mortgage that sets a maximum rate on interest that a lender can charge for a specified period. Chain Where a buyer is reliant on the completion of sale of their current property before they can complete on a purchase of a new property. Commission An estate agent’s fee for selling the property. Comparative Search The search that looks at sale values for similar properties in the same area as your property. Completion Date The date of which the money is transferred from the buyer’s to the seller’s solicitor. The buyer will also become the legal owner of their new property on this date. Conditions of Sale Details that set out the rights and duties of the seller and buyer. Contents Insurance Insurance that covers the contents of your home such as your furniture, carpets, equipment like laptops and televisions. Conveyancing The legal process surrounding the transfer of ownership of a property from a seller to a buyer. Covenants The rules and regulations governing a property – these are contained in its Title Deeds or Lease. D Deeds The legal documents that prove ownership of a property. Deposit Initial funds used as a payment upfront to a bank/financial institution in the purchase of property. Also known as mortgage deposit. Detached A property that stands alone, and therefore not attached to another property. Disbursements Fees paid by the solicitors on the behalf of a buyer. Examples include land registry and search fees and stamp duty. Also known as Legal Fees. Discharge Fee Paid to some lenders for releasing their hold over a property once you have paid off you loan. This often occurs if you pay off your mortgage early before the standard term has run out. However, this is not always the case. Down Valuation Where a lender restricts the amount you can borrow as a result of a surveyors valuation report indicates the property is not worth the sum sought. Draft Contract A preliminary version of the contract drawn up when the sale is first agreed. This is uncorroborated version that will need to be confirmed by the seller’s solicitor and set out the conditions. Draft Transfer A legal document issued by the purchaser’s solicitors setting out the terms and conditions of sale. E Early Repayment Charge A charge issued by the lender as a penalty if a mortgage is paid off within a specific period. Endowment Mortgage Interest-only repayments combined with monthly premiums into an endowment policy. This is designed to pay off the loan at the end of the term. Energy Performance Certificate This certificate measures the energy efficiency of a property using a scale of A to G. It is now a legal requirement to have a valid EPC before a property can be marketed. Equity The amount of money either put into buying a property or the deposit placed on a property which exceeds the amount of any money borrowed against the property. Exchange of Contracts The point at which confirmed and signed (by both purchasers and sellers) are physically exchanged. Both the buyer and the seller are now legal bound to the sale and purchase of the property at the agreed price. F Fixed Rate Mortgage A mortgage in which the interest rate is fixed/set for an agreed term or period of time. Fixtures and Fittings These are the non-structural items included in the purchase of a property. These can include (but not limited to) light fitments, central heating boilers and radiators, bathroom suites, kitchen units, TV aerials and satellite dishes. Flexible Mortgage An arrangement whereby you can increase or decrease your mortgage payments. Freehold Where the owner of a property also owns the land that it is built on. G Gazumping This occurs when a seller accepts a higher offer on a property when they have already agreed on an offer from someone, prior to the exchange of contracts. Gazundering This occurs when a buyer reduced their agreed offer prior to exchanging contracts. An example could be that the buyer has discovered some issues with the property following a survey report that was carried out, and therefore reduces the offer agreed accordingly. Ground Rent A charge from the freeholder to the leaseholder. Guarantor Someone who promises and signs to agree to pay the borrower’s debt or rent is the borrower or tenant defaults. H Higher Lending Charge An upfront, one-off charge to a lender to protect them against the borrower defaulting on the loan. This usually occurs on mortgages that are over 75% of the property value. Houses in Multiple Occupancy A building of three floors or more that is occupied by three of more people. These people live as more than one household but share the use of facilities such as bathrooms and cooking facilities. I Individual Savings Account Mortgage (ISA) Interest-only mortgage linked to an ISA fund, which is designed to pay off the loan at the end of the period. Inflation The rise in prices over time. Interest Charges The charges that banks make on a loan, calculated as a percentage of the borrowed amount. Interest-only Mortgage Now only offered with very strict lending criteria and aren’t available to everyone. A type of mortgage where the borrower only repays the interest on the loan for the duration of its term and repays the full loan amount at the end of the mortgage period. J Joint Tenants A form of ownership of land or property where there are two parties. If one of them passes away, their share of the property will transfer automatically to the remaining party which then gives them full ownership. L Land Certificate This document is issued by the Land Registry to the owner of the registered land as proof of ownership. This land document will include a copy of the register and the plan showing the extent of the land. Land Registry Fee To be paid by a solicitor on behalf of the buyer to register ownership of property with the Land Registry (if freehold). Therefore once you purchase the property, you are the legal owner of the land. Land Search This is where a formal application of an inspection of the Land Registry register. A certificate will be issued to show the current situation of the land in question. Lease The legal document by which the Freehold or Leasehold owner of a property lets the premises or a part of it to another party for a specified length of time. Once this expires, the ownership reverts to the Freeholder. Leasehold Where a person(s) owns a property but only for a set number of years. When the lease expires, the property returns to the freeholder. This is most common with flats; however, houses can also be built on leasehold land. Legal Fees Fees paid by the solicitors on the behalf of a buyer. Examples include Land Registry and search fees and Stamp Duty. Also known as ‘Disbursements’. Listed Building A building which has special architectural or historic interest which is officially listed so that it cannot be demolished or altered without prior local government approval. M Maintenance Charge Also known as service charges. These charges are the cost of repairing and maintaining external or internal communal parts of a building. These costs are charged to the tenant or leaseholder. Maisonette An apartment, usually over one or two floors, which is self-contained and in a larger house. It will have its own entrance from the outside. Mortgage An amount of money advanced by a lender (usually a bank or building society) on the security of a property. This is repayable over a long period of time. Mortgage Payment Protection Insurance designed to pay your monthly mortgage for a limited period if you are unable to work due to illness, redundancy or disability. This is usually for a year. N NHBC Scheme A building guarantee that is available on some new build homes. Under this guarantee, any defects that occur within a specified time after construction are remedied. Negative Equity When a property has decreased in value to below the level for which a loan was secured on it. O Offer The sum of money a buyer offers to pay for a property. Offer of a Loan A formal document approving the mortgage you have requested and detailing the Terms and Conditions that apply. Office Copy Entry The official document from the Land Registry which confirms the ownership of and borrowings against a property. Open House Event A day or period of time of a day where a property for sale is open to a number of applicants to view at the same time. Open Market Value The price a property should be able to achieve where there is a willing buyer and seller. R Re-Mortgage This is the refinancing of a property either by switching a mortgage from one lender to another or by taking out a second mortgage to take advantage of any equity gained by the rise in value of the property. Redemption When a mortgage is fully repaid. Repayment Mortgage A mortgage where the monthly payments are used to repay the interest and reduce the outstanding capital.  This means that each month you’re paying off a small part of your mortgage. Repossession This occurs when a mortgage lender takes possession of a property due to non-payment of the mortgage the property is secured against. Retention Where a lender has the ability to hold back part of a mortgage until certain conditions are met. S Searches A request or enquiry for information about the property held by a local authority or by the Land Registry. Semi-Detached A property which is joined to one other property – this will be a house or bungalow. Service Charge These charges are paid by the owner to cover the cost of providing various services which include (but not limited to) maintenance or repair of the building, communal areas, heating, lighting or security. Share of Freehold Where a limited company owns the freehold on which a property stands and the shareholders of that limited company are the owners of the property. Short-term Tenancy Occupancy of a rental property that starts at one day and can last for a few weeks or a couple of months. Sitting Tenant This refers to a tenant who occupies a rental property when there is a change of landlord or the landlord decides to sell. Sole Agent When the seller has agreed to sell their property through one estate agent only. Stamp Duty A government paid tax to be paid by the buyer on a property. Usually expressed as a percentage of the purchase price and will vary depending on the value of the property. Standard Variable Rate Mortgage lenders standard rate of interest. This can go up or down in line with market rates such as the Bank of England base rate Surveys Inspection of a property and reports that comments of the structural conditions and more depending of the survey of survey you commission. Studio Flat A flat which consists of one room that contains the cooking, living and sleeping areas with a separate bathroom or shower room. T Tenancy Agreement A contract between a tenant and landlord. The tenancy agreement will outline the terms and conditions of the rental agreement. Tenure Conditions on which a property is held, for example leasehold or freehold. Terraced House A property that forms part of a connected row of houses. Title Deeds The legal title documents that prove ownership of a property. These are transferred to the new owner on the sale of a property and a copy is held by the mortgage lender. Title Insurance The insurance policy which a buyer can take out to allow a sale to complete where there is a potential problem with the documentation in proving legal ownership of some part of the land they are buying. Title Search An investigation carried out by a conveyancer or solicitor into the history of ownership of a property. This search will check for liens, unpaid claims, restrictions and any other problems that may affect ownership. Tracker Mortgage A mortgage where the interest charged by a lender is linked to a rate such as the Bank Of England base rate.  This means your payments can go up or down. U Under Offer A status of a property that is for sale and the sellers have accepted an offer from a buyer. This is the status given before the exchange of contracts. V Valuation A basic survey of a property which estimates the value of the property for mortgage purposes. Mortgage lenders will need to see this before lending. Variable Base Rate The basic rate of interest charged on a mortgage. Vendor The seller of a property. Y Yield The income from a property that is calculated as a percentage of its value.

When you find a property that you really like, even love, it is time to make an offer. Before you make an offer Before making an offer on a house you should do some research and have some fundamental things in place: A mortgage agreed in principle Unless you are a cash buyer, you should have accepted an offer on the property you are selling – sellers won’t take you seriously otherwise (unless they’re desperate) Find out how much similar properties in the local area have recently sold for Ask how long the house has been on the market, or how quickly the sellers want to move. They may be prepared to accept a low offer if they want a quick sale or the property has struggled to find a buyer. Things to consider when making an offer Keep your emotions in check when viewing a house – if a vendor knows that you have fallen head over heels in love with their property, they are more likely to hold out for a higher offer from you. Don’t let your heart rule your head. If you have a budget stick to it.  Offering more than you can afford may get you your dream home, but it could turn into a nightmare if the bills are too much. How to make an offer on a house How much should you offer? The research you have done will help you get a feel for the level to pitch your offer. If the estate agent has told you that other buyers are interested, you might feel that you want to offer close to the asking price. If you think there is less competition for the property or the sellers want a quick sale, it may be worth offering 2-3% lower than the asking price. Making an offer before selling your property It is possible to do this, but unless a seller is desperate to accept an offer they are unlikely to consider yours. Not having your property under offer means that you are not in a position to proceed with a purchase. Estate agents and sellers may only allow you to book a viewing if your property is under offer. If there is high demand for a property ask yourself why a seller would choose to accept your offer? How to submit your offer It is usual practice to make your offer for the property over the phone. An estate agent will usually ring you soon after a viewing anyway. You could confirm your offer in writing via email, but this is not necessary until an offer has been accepted. What happens after the offer? After submitting your offer an estate agent will contact the vendor and get their response. The agent will let you know very quickly whether it has been accepted or not. If it hasn’t it will be up to you to decide what to do next; whether to make an improved offer or to end your interest in the property. Frequently asked questions Can I make an offer without a mortgage in principle? Again, it is technically possible to make an offer a house without having agreed a mortgage in principle with a mortgage lender. However, it is seen as more or less essential by sellers when reviewing offers. It confirms that a lender thinks that you can afford the repayments on a mortgage and is willing to offer you a mortgage in principle for the amount required to buy the home in which you are interested. Can I make multiple offers on different houses? You can do this, but again it is fraught with ethical issues. What if the offers on both properties are accepted? Assuming you only want to buy one house, it won’t go down well with one of the sellers if you withdraw from one of the prospective purchases. Although nothing is legally binding until you exchange contracts, buying a house brings with it certain responsibilities. If the sellers are in a chain other parties are involved, potentially spending hundreds of thousands of pounds, so you will not be very popular. It is always best to focus your attention on one property at a time when making an offer on a house. Can I offer over the asking price? There is no science to making offers on a property. Most opening bids will be lower than the asking price, but you will have to judge whether the property is priced fairly, how much interest it is attracting and how much you want it. Starting your bidding at over the asking price could encourage the seller to reject your offer – not because it is too low, but because they think they can get more from you. Should I get a mortgage in principle before making an offer? It is always advisable to have made an initial application with a mortgage provider. It proves that you can afford to fund the prospective purchase and indicates to the seller that you are serious and not wasting their time. Next steps: Once the offer has been accepted You should ask the agent to take the property off the market as soon as your offer is accepted. Check that they have done this. If they are still marketing the property you should ask why. You will need to instruct a solicitor and make a formal mortgage application. Contact your local butters john bee branch for help with your property search If you are interested in buying a property contact your local branch.

Searching for that perfect property? There are many advantages to both new homes and purchasing older properties. butters john bee have some brilliant search facilities to assist you in narrowing down the search results to find exactly what you are looking for. These include: Being able to search by your current location; Searching by your budget (don’t forget to check out the Mortgage Calculator to help guide you); Search by property type; Set a minimum number of bedrooms to determine size of property you are interested in; Prioritise results by selecting the features you require in a house, such as a garden, garage etc. You can also enter your own features you are looking in the keyword search; You can also search by Leasehold, Freehold, chain free and properties that are holding an open house; Click on the map view to find a property by searching for properties near a particular school, transport links, shops or food and drink outlets. Carry out a property search today. If you need mortgage advice get in touch with Just Mortgages who have mortgage advisors who can assist you with any queries. Take a look at our quick guide to Viewing a Property.

From 1 October 2021, the tax holiday on stamp duty rates ended and home buyers in England and Northern Ireland are required to pay on all purchases above £125,000. Residents in Wales, where stamp duty is known as ‘land transaction tax’, are required to pay on purchases above £180,000 after their tax holiday finished 1 July 2021. What is stamp duty? When you purchase a property or land, you are required to pay a form of tax called Stamp Duty Land Tax (SDLT). The amount you pay can depend on the price of the property, the location of the property, whether you’re a first-time buyer or whether you’re a UK resident. What are the prices now? Those that are familiar with the tax rates pre-Covid will recognise the tiers as they return to their original percentages. This means that if you’ve bought a property in England or Northern Ireland from 1 October 2021, you’ll have to pay the following: Property or lease premium or transfer value SDLT Rate Up to £125,000 0% The next £125,000 (the portion from £125,001 to £250,000) 2% The next £675,000 (the portion from £250,001 to £925,000) 5% The next £575,000 (the portion from £925,001 to £1.5 million) 10% If you’ve bought a property in Wales from 1 July 2021, you’ll have to pay the following: Property or lease premium or transfer value SDLT Rate Up to £180,000 0% £180,001 to £250,000 3.5% £250,001 to £400,000 5% £400,001-£750,000 7.5% £750,001-£1.5m 10% £1.5m and above 12% John Phillips, National Operations Director, Spicerhaart and Just Mortgages said: “While the stamp duty holiday has definitely helped stimulate the market, it is by no means the driving force behind the current rush to buy, and once it ends, the market will continue to thrive. “The pandemic has certainly played an important role in this desire for houses. Without hospitality venues and holidays to spend on, those fortunate enough to stay in stable employment have saved at record levels. These increased savings have allowed people to consider moving to a bigger property, or a more desirable location. “What will impact the market more than the end of the stamp duty holiday, is the reopening of pubs, restaurants and international travel. Buying a house will still be a priority for many, but there will be lots of people booking holidays after a year stuck in the UK and savings may be spent on a few weeks in the sun.”