Costly Oversight: Call of Duty

Research from TSB shows that around a quarter of first-time buyers are failing
to take stamp duty costs into account when putting in an offer on their new
home.

But the oversight is not limited to FTB’s. Existing homeowners fail to factor
in the stamp duty, with around 14% of those buying their second or third homes
also failing to include the expense in their financial calculations.

Stamp duty can be expensive. TSB reveals that the average amount paid for stamp
duty is over £5,000, equivalent to around 10% of the average deposit put down
for a house purchase. For first-time buyers, stamp duty accounts for as much as
15% of the deposit, on average.

In the new regulatory world of ‘managing client’s expectations’ it is essential that
conveyancers do not take for granted that a buyer has calculated the relevant
stamp duty.