Stamp duty, or Stamp Duty Land Tax, is a tax applied to property purchases. The tax amount varies based on:
Property Value: Higher property values attract higher tax rates, while properties under a certain threshold may be exempt.
First-Time Buyers: If you're buying your first home, you might qualify for reduced stamp duty, depending on the property's value.
Ownership of Multiple Properties: Owning additional properties after this purchase could trigger an extra charge.
For comprehensive details, please consult the government's website. Your solicitor can also provide specific guidance.
Please note that although StrideUp co-purchases the property with you, as the homeowner, you are responsible for the stamp duty payment.