I'am buying a property worth less then 175K. I've exchanged contracts, however completion is due next week.

My solicitor has told me that I am still eligible for stamp duty. This doesn't make sense to me - I would have thought that stamp duty becomes due when transaction is complete, which is the completeion day...

Or am I wrong and the exchange means transaction is effectively complete? Perhaps, it depends on the date some kind of land tax return is signed? Could I have possibly signed something during exchange which makes the transaction complete? I know it looks daft - no knowing exactly what one has signed...

I find it difficult getting an adequate explanation from my solicitor - so perhaps someone could help and explain when and how the stamp duty becomes due?

Thanks a lot

Hi --- Stamp duty becomes due on completion (the day you become the legal owner) which is the day the transaction takes place and all the money changes hands, not on exchanging contracts. Your sale should be exempt... Watch that Solicitor gets it right....perhaps maybe a trainee. ?

Thanks for replying and in particularly for the link.