What specific things do I need to look out for if I’m buying a house on the coast?
With worsening weather and floods now becoming increasingly commonplace, with the media remarking on it in depth, buying a property that has a likelihood of flooding is a difficult decision to make. Not only is there the issue of cleaning up if it does flood, but insurance premiums will be much higher (and perhaps even prohibitive).
For homes in coastal areas, there is also the problem of coastal erosion, where some properties have been seen to literally fall into the sea.
However, the good news is that picking a home in a coastal region doesn’t automatically mean that it’s going to be subject to flooding or that it’s eventually going to slip into the sea. The searches ordered by your conveyancing solicitor will identify the level of risk associated with the property and, based on this, your solicitor may recommend that you take out specialist reports (e.g. from Landmark or other organisations) to get a more in-depth description of the risks and options. These are in addition to the standard set and will be charged to you as a disbursement at cost.
Your surveyor will also be able to identify evidence of previous floods and other problems during their inspection and provide advice in their report. If the problems are considered sufficiently severe, the surveyor may also note the specifics for further investigation by your conveyancing solicitor.
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 is the council tax on a period semi-detached Band G home in Friday Hill?
Frequently a report on title will give detail the Redbridge council tax band. The latest tax rates for homes in Friday Hill are published on the Redbridge council site. At the time of authoring, 25 January 2013, the different rates are:
- Band A - £935.00
- Band B - £1,091.00
- Band C - £1,246.00
- Band D - £1,402.00
- Band E - £1,714.00
- Band F - £2,025.00
- Band G - £2,337.00
- Band H - £2,805.00
How is stamp duty assessed, what should we pay on a £82000 Friday Hill property?
The Stamp Duty you must pay will rely on the property's price. Stamp duty will be £0 on a £82000 property in Friday Hill.
Friday Hill conveyancing solicitors conduct a variety of searches when they are acting for a home purchaser - what specific ones?
If purchasing and obtaining a mortgage the mortgage lender expects a solicitor to get at least the following Local Authority (personal or official), Drainage and Water Search and Environment Search and perhaps specific searches, like a Chancel Repair Liability Search.