FREQUENTLY ASKED QUESTIONS
- What costs are involved in buying a Property?
There are a number of things for you to consider in addition to the price of the property itself.
(i) Stamp Duty
Stamp Duty (or Stamp Duty Land Tax, SDLT) is a tax levied by the Government when you are buying a home, not selling. It is paid on completion of a purchase and your solicitor will ask you to complete a Land Transaction Return and will need the funds to cover the duty shortly before the completion date. Your solicitor will then send the money to the Inland Revenue on your behalf.
Property or lease premium or transfer value SDLT rate
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
For further information, please go to https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
(ii) Legal Fees
Dependent on a number of variables, namely the size of the transaction, your choice of solicitor and the amount of work required, conveyancing fees can vary quite dramatically, but on average, expect to pay between 0.5% - 1% plus VAT of the purchase price of the property.
Richard James can help you find a specialist firm of solicitors but whomever you instruct, we'd advise you to get a written quote and a breakdown of each individual charge before you go ahead. Within the quote, you will be subject to disbursement costs such as Land Registry fees, obtaining property deeds and various searches that your solicitor will detail in the final invoice.
For further information, please go to www.lawsociety.co.uk
We work with a number of very good, reputable firms and will be glad to recommend them upon your request.
In order to fully comply with the Data Protection Act 1998 (DPA) and the EU General Data Protection Regulations (GDPR) which will be enshrined into law on May 25th2018, we are obliged to inform all our clients, purchasers and tenants and contacts we collate & hold electronic data on, how we collate, hold and use this. This will allow you a greater choice and control over how your personal data is used in a fair and transparent way. As a data controller (an organisation that is in control of processing data provided to us by you), we have to ensure that you understand and agree to the purpose or purposes for which your information is used by us and will be processed and with whom we might share this information.
We need to ensure that
We use this information in a way that you would reasonably expect us to.
We consider the impact of using the data we hold on you and whether it could have any adverse effects on you.
That we are being transparent and ensuring that you understand how your information will be used by us and those that we pass data onto.
That you ‘opt in’ to allowing us to collate, store and use your data in order to provide you one or more of the services listed.