How much is stamp duty and land transaction tax?
The Stamp Duty Land Tax (SDLT) is based on a trigger threshold of £125,000, followed by a calculation of increasing percentages against the price bands, which are then added together:
- Less than £125,000 = 0%
- £125,000-£250,000 = 2%
- £250,000-£925,000 = 5%
- £925,000-£1,500,000 = 10%
- More than £1,500,000 = 12%
For example, a house bought for £450,000 will trigger SDLT at £12,500 (£0 for the first £125,000, £2,500 for the next £125,000, and £10,000 for the next £150,000 as the price falls in the first three bands).
What will the searches cost?
Conveyancing searches ranges in cost. In Beddgelert, the standard bundle of searches included a drainage search and a local authority search.
Should I change the locks after I move in?
It would be a wise move to replace the locks upon moving into your new home, for peace of mind if nothing else. Although you may have received a number of copies of the keys, you may not know accurately whether that bunch constitutes every copy.
Although changing the locks will be an extra cost, you may find that buildings insurance may look on the move favourably, too.
Need guidance on what to expect from the conveyancing and legal work associated with your planned move? Call our team at Homeward Legal on 0800 038 6699 and they'll get you set up today.
Can we get out of paying out for stamp duty in Beddgelert?
Stamp duty commonly must be paid on homes priced at over one hundred and twenty-five thousand pounds. Homeward Legal do not advise home buyers get involved with any stamp duty scheme. These schemes are highly expensive and the HMRC can review a scheme up to 6 years after a sale is completed meaning that the full stamp duty amount will then be due. There have been a number of legal initiatives, such as relief for buyers in 'disadvantaged areas', and your solicitor will advise if these may apply.
Should I organize a private purchase of items on the Fixtures and Fittings form?
This would be very unwise as the Fixtures and Fittings Form (TA10) forms part of the contract, and it lists all the items that the seller is planning to leave at the property with an agreed price for anything they want money for.
To try to organise a private sale outside of this clear and controlled process may result in difficulties later on in the process, which is precisely why this form is in place. If you want something to remain that’s not listed on the Fixtures and Fittings Form, raise a query through your solicitor so that negotiations may be formally carried out.
Worried about what your responsibilities are in the legal side of your move? Let Homeward Legal help with their experience and low fixed fees. Call our team now on 0800 038 6699.