When is stamp duty payable?

[deedee80]

Hi there,

just wondering when stamp duty is payable? Is it on the day of completion, before then, or is there a grace period of a few weeks before it has to be paid?

Any advice would be greatly appreciated.

DeeDee

 

[NorfBank]

Within 30 days of closing.

 

[bacchus]

Within 30 days of closing.

yes is theory... But the solicitor will be looking for the money at closing time as he/she shares some responsability (open to correction) if SD is not paid.

 

[mf1]

On or before closing - if you are getting a mortgage - Solicitor gives an undertaking to lender that will not release loan cheque until in funds to complete and register title ( which involves stamping the Deed).

If no mortgage, advice is - please let me have stamp duty before closing as you have only 30 days to stamp before penalties kick in. If you don't put me in funds, I will not chase you but will simply remind you of penalties. After a certain period of time, will return all closing documents to you with an advice note about advisability of stamping the deed before further penalties are incurred.

mf