We are purchasing a £666000 Highcliffe property. How is Stamp Duty Land Tax rates calculated?
The Stamp Duty you will owe depends on the valuation. On a £666000 property, stamp duty will be £26640.
How do we hold off paying SDLT rates?
Homeward Legal do not recommend clients risk any form of stamp duty mitigation scheme, as such schemes are highly expensive and very risky.
Do you work with mortgage lenders with branches in Highcliffe?
Most lenders in Highcliffe are on our panels. Lenders and mortgage specialists in Highcliffe include Rabrose Mortgage Services, 493B Wimborne Rd, Bournemouth, BH9 2AW, Dulay Barker Reeves, 5 Akeshill Cl, New Milton, BH25 5ES, and Mortgage Intelligence, Queens Pk West Dr, Bournemouth, BH8 9DD. The property lawyer handling your case should be able to state specific lenders' requirements.
Are your recommend solicitors geared up for 1 month completions on the conveyancing for residential property auction properties in Highcliffe?
Yes - Indeed we work closely with auctioneers and do frequently handle the legal work for sellers at auction. It is highly recommended for auction buyers to get a property lawyer as soon as they can to give enough time for a detailed investigation of the property's legal title well in advance of the date of the auction.
Immediately following the actual auction your appointed lawyer is totally prepared for swiftly completing the transaction in the usual 28 days as required .
What is stamp duty and land transaction tax?
Stamp Duty Land Tax (SDLT) is a proportion of the final sale price of a property payable to HMRC by the buyer. The current trigger threshold is for any property priced at £125,000 or over (unless you’re a first-time buyer, in which case you pay less or no tax for properties priced at less than £500,000). Your solicitor will handle the transfer of the tax as part of the final tasks on your conveyancing.
In Scotland, buyers have to pay Land and Buildings Transaction Tax and, in Wales, the Land Transaction Tax is triggered at properties priced over £180,000.
In all cases, the amount payable is based on a sliding scale as the price goes up as a proportion of that range added together than an overall flat tax amount or percentage. So, the higher the price goes up, the greater the amount of tax you have to pay.