What’s the difference between residential and commercial conveyancing?
In essence, there is very little difference between the tasks needed for residential conveyancing against commercial conveyancing. The real difference comes in the type of property and the purpose for which it is intended to be used.
The majority of residential transactions are freehold, whereas commercial transactions are almost exclusively leasehold, and commercial property conveyancing searches will tend to be more expensive because the structure and land will occupy a greater space on average than that for residential property.
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.
We are on a tight deadline and need ensure fast conveyancing, what can we do to speed up our transaction?
Finding a proactive conveyancing solicitor is essential to a fast completion. There are, however, several tasks you as the purchaser can also do to speed up the process, such as, calling or emailing your conveyancing solicitor, and chase them if you suspect any delays, responding to all correspondence via the fastest means and confirming your mortgage offer.
If we are buying a home by a priory built in the 1400s in Dewsbury, will I need to get a chancel search?
Chancel repair liability can require Dewsbury home owners to contribute towards repairs to a local church. A chancel search will confirm whether liability for Dewsbury properties is likely to exist. Your conveyancing solicitor will suggest an appropriate indemnity policy to address chancel liability. Church properties in Dewsbury where chancel liability may apply include Minster Church of All Saints.
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).