I asked an estate agent to find a three bedroom house for me in London. I had some very particular requirements which I described in detail to the agent. The agent agreed to research the market and identify a suitable property or properties for a finder’s fee of £3,000.
The estate agent found me a house and my offer of £499,950 was accepted.
In this case the finder’s fee is charged under a separate contract with the agent and its payment is not linked to any particular purchase. The fee was given for the service of identifying a suitable property and payment was not a contractual condition of the actual purchase.
The chargeable consideration given for the property is the purchase price of £499,950.
The SDLT due on £499,950 = £14,997.
Here is a breakdown of how the SDLT was calculated:
|Purchase Price Bands (£)||Percentage Rate (%)||SDLT due (£)|
|Up to 125,000|
|Above 125,000 and up to 250,000||2||2500|
|Above 250,000 and up to 925,000||5||12497|
|Above 925,000 and up to 1,500,000||10|
|Total SDLT due||14997|