Do you advise taking action to circumvent paying SDLT rates?
Stamp duty commonly must be paid for property purchases sold for over 125,000 pounds. Stamp duty reduction is not recommended. These schemes are often uneconomical and , if the scheme fails, you may be charged a penalty of up to 100% of the stamp duty amount owed. There have been several government initiatives, such as higher thresholds for first-time buyers, and your solicitor will advise if these may apply.
Is a building survey a good idea if we are buying a property, irrespective of its condition, in Houndsditch?
It is advised that Houndsditch buyers book a building survey if you are intending to buy in Houndsditch. There can be a range of problems that affect a property, which will not be covered by the legal work, for example settlement.
Conveyancing searches (environmental) may be all well and good but with recent climactic events for example the fact that 2012 was second wettest year since on record are they comfort enough to find out sufficient information about the local Houndsditch flood risk?
A conveyancing solicitor in Houndsditch will recommend that you also get property conveyancing searches if the environmental conveyancing searches determine a significant risk Houndsditch area flood risk
Why not also converse with a neighbour or local resident to gain additional peace of mind.
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.
Is Homeward Legal set up to act quickly on the conveyancing for auction properties in Houndsditch?
Our firm often act for buyers at auction. We typically recommend bidders to formally appoint a qualified lawyer in advance of the day of the auction to give enough time for a detailed report.
Subsequently, following the auction day your appointed conveyancing lawyer is prepared for completing the legal work in 4 weeks as usually required .
What are the benefits of an online solicitor against a high street firm?
Many commentators and bloggers have suggested that you get so much more from online conveyancers because they have access to state-of-the-art applications to manage their cases and use the latest communication technology.
However, there is nothing stopping high street conveyancing firms from adopting such technology. And they will have a wealth of experience and knowledge of the local area that they can bring to bear on your transaction.
It all comes down to what they offer and how they go about their business. You should get a selection of quotes and read through the terms and conditions in detail to understand the comparisons between what they offer and how much they are going to charge you for the service.
If you choose Homeward Legal, you not only get an experienced proactive solicitor but also access to the latest technology and local knowledge. Call us now on 0800 038 6699 to find out more.