New Stamp Duty will save you £4,500 on £275k property
Much better system now in place from tomorrow.
Calculate here how much you will pay as of tomorrowhttp://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm
I feel VERY sorry for those who exchanged contracts in last few days/weeks.
Part of relevant consideration Rate
So much as does not exceed £125,000 - 0%
So much as exceeds £125,000 but does not exceed £250,000 - 2%
So much as exceeds £250,000 but does not exceed £925,000 - 5%
So much as exceeds £925,000 but does not exceed £1,500,000 - 10%
The remainder (if any) 12%
Property price: £185,000 - Saving £650
Property price: £275,000 - Saving: £4,500
Property price £510,000 - saving: £4,900