Did you buy a property in lockdown?
If so, you will have benefitted from massive savings thanks to the stamp duty holiday.
Under this temporary rule, no stamp duty tax is paid on the first £500,000 of a property sale.
However, if you were planning to put an offer on a house now you might be out of luck and end up missing out on the stamp duty holiday- even though the deadline is still weeks away.
According to Zoopla’s Head of Research, Gráinne Gilmore, it’s currently taking up to four months to process purchases.
Ms Gilmore said: “This is because of the legal and financial processes, as well as local council searches, which need to happen.”
She added: “We estimate that only 50 per cent of sales agreed in January will complete before 31st March, and that percentage will diminish the closer we get to the stamp duty deadline.”
However, Ms Gilmore insists that all hope is not lost for those hoping to nab a saving.
Even after the deadline, you only have to pay stamp duty on properties over £300,000 if you are a first-time buyer and £125,000 if you already own property.
Chancellor Rishi Sunak is also under pressure to extend the stamp duty deadline and its hoped that a three month extension will be granted during a budget meeting later this week.
However, if the extension isn’t granted those hoping to get on the property ladder can look forward to a hefty stamp duty bill on some houses.
Whether you are a first time buyer or if you already own properties, we have calculated exactly how much stamp duty you will have to pay on these homes in Cumbria:
Redoak Avenue, Barrow
Cost of property: £425,000
Stamp duty for first time buyers: £6250
Non-first time buyers looking to move: £11,250
Stamp duty for those who already own property: £24,000
This property is described as a “stunning” family home situated in the popular residential location of Holbeck.
It benefits from a large garden, with spacious interiors and modern furnishings throughout.
Clothes lovers will also be in their element as the master bedroom has a ‘must-have’ walk in wardrobe and an en-suite bathroom.
For many, this is considered their dream home. However, the price range might be just out of reach after lockdown.
As well as your deposit, first time buyers will also have the shell out an additional £6250 after the stamp duty deadline and those who already own property are looking at an extra £24 grand.
Green Hills, Skelsmergh, Kendal
Cost of property: £435,000
Stamp duty for first time buyers: £6750
Non-first time buyers looking to move: £11,750
Stamp duty for those who own property: £24,800
This stone built bungalow boasts spectacular views of the Lake District and is said to be a “spacious and versatile” family accommodation.
While this is certainly an enviable home you could be looking at some large stamp duty costs.
Those who currently own a property will have to pay and additional £24,800- almost double what they would have to pay now (£13,050).
Collin Hill, Kendal
Cost of property: £450,000
Stamp duty for first time buyers: £7,500
Non-first time buyers looking to move: £12,500
Stamp duty for those who own property: £26,000
This £450,000 property is in a sought after location, with views overlooking the Lake District fells.
There are four bedrooms in total as well as a modern kitchen complete with a breakfast bar.
Arguably, the garden is the focal point of the property as it is private and secluded while also benefitting from a large patio and decking area.
If you wanted to put down a 20 per cent deposit on this home, then you will need to save around £90,000.
This figure is hefty enough without the additional stamp duty costs on top.
Rampside Road, Barrow
Cost of property: £499,000
Stamp duty for first time buyers: £9950
Non-first time buyers looking to move: £14,950
Stamp duty for those who own property: £29,920
On the market for a four bedroom property?
In April, the stamp duty on this property could increase by more than £10,000 for first time buyers.
People looking to move will also have to save up an extra £14,950.
The property itself is said to have an “abundance of space”, ideal for large families.
The kitchen is the heart of the home, boasting a range of modern units and amenities.
The Compton, Carleton Hill Road, Penrith
Cost of property: £370,000
Stamp duty for first time buyers: £3,500
Non-first time buyers looking to move: £8,500
Stamp duty for those who own property: £19,600
This five bedroom home is described as “generously-proportioned” with an open plan kitchen and dining area.
Three of the bedrooms also benefit from en-suite facilities.
First time buyers will have to pay an additional £3500 after the stamp duty deadline passes.
However, this is nothing in comparison to what non-first time buyer will have to pay.
Those looking to move will have to shell out an extra £8,500.
However, those who already own property will have to pay an eye-watering £19,600.
Lowther Street, Penrith
Cost of property: £360,000
Stamp duty for first time buyers: £3,000
Non-first time buyers looking to move: £8000
Stamp duty for those who own property: £18,800
This property has a lot to offer any prospective buyers or developers.
It is in need of renovation and planning permissions have been granted to transform it into three townhouses in the adjoining garden.
Alternatively, it can be turned into a unique family home.
However, if you want a renovation project to take on in lockdown then you will need to consider the additional stamp duty costs.
If the deadline isn’t extended, then you could be looking at additional costs of between £3000-£18,800 depending on how many properties you already have.
Edenglass, Scotby, Carlisle
Cost of property: £495,000
Stamp duty for first time buyers: £9,750
Non-first time buyers looking to move: £14,750
Stamp duty for those who own property: £29,600
On the market for a five bedroom home?
While it has a lot of potential, the property is in need of some renovation and modernisation.
The extensive gardens would benefit from some preening and the furnishings could be modernised.
While it would be ideal to use the stamp duty savings to help with the renovations, you only have a month to do so.
Hopefully, the deadline will be extended so you can save upwards of £9,750.
Wordsworth Court, Carlisle
Cost of property: £475,000
Stamp duty for first time buyers: £8,750
Non-first time buyers looking to move: £13,750
Stamp duty for those who own property: £28,000
Every bedroom in this bungalow has been individually designed.
The property is also packed with some rustic furnishings and aesthetics, including a feature brick fireplace and a double sided log burner.
The garden is described as “lovely and secluded” and there is enough parking out the front for four vehicles.
However, first time buyers may have to save longer to afford the deposit and additional £8,750 stamp duty after the stamp duty deadline.
The Forge, Keswick
Cost of property: £395,000
Stamp duty for first time buyers: £4750
Non-first time buyers looking to move: £9,750
Stamp duty for those who own property: £21,600
If you are looking for something a little smaller, this two bedroom terraced house in Keswick could be perfect.
The grade II listed building used to be a smelting house but was transformed into a unique two bed home.
It’s in a great location on the riverside towards the Eastern fringe of Keswick.
If you don’t fancy it as your forever home, it could be used as an investment property to let for self-catering holidays.
However, keep in mind that you will have to fork out an additional £9,750-£21,600 from April onwards if the stamp duty deadline isn’t extended.
Mechlin, Inkerman Terrace, Whitehaven
Cost of property: £300,000
Stamp duty for first time buyers: £0
Non-first time buyers looking to move: £5000
Stamp duty for those who own property: £14,000
If you’re a first time buyer, this three bed Whitehaven home could be the perfect property purchase.
You won’t have to pay stamp duty on it- before or after the stamp duty deadline.
However, if you already own a property or if you are looking to move home then it’s a different story.
You could be looking at additional costs of £14,000 or £5000 if you fall into either of these categories.
Sea Mill Lane, St Bees
Cost of property: £329,950
Stamp duty for first time buyers: £1,498
Non-first time buyers looking to move: £6498
Stamp duty for those who own property: £16,396
This gorgeous four bedroom property is just minutes away from the beach and boasts stunning views of the coastline.
It has recently been renovated to the “highest standards” and the modern kitchen looks like a food-lover’s dream.
After the stamp duty deadline as passed, first time buyers will only have to pay £1,498- which is miniscule in comparison to the extra £16,396 for those who already own property.
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