Conveyancing In Newburn Q & A's
Do we need to be worried about gazumping?
Gazumping describes circumstances where a property seller agrees to one buyer's offer and then dismisses it in favour of a higher offer. The will be a risk of getting gazumped in any transaction, because offers are not binding until exchange of contracts. Instructing a law firm early, and even before acceptance of an offer should help to mitigate this risk.
How could purchase conveyancing need such a long time?
The Newburn conveyancing process may potentially be delayed. We work hard to minimise their cost whenever feasible. There are numerous reasons for delay, such as waiting for a mortgage offer.
I am planning to buy in Newburn, do we need conveyancing searches?
These searches are a bundle of queries ordered by the buyer's conveyancing solicitor, and deal with facets affecting the legal title.
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.
Our local agent has suggested the lawyer that they have used before. Do I need to instruct this solicitor?
Both agents and mortgage brokers will push a conveyancing solicitor, however, such referrals should be compared against alternatives, as there is a risk that an agent may choose the firm which pays to the largest referral fee, not a firm with local expertise and a solid reputation.
I really need a rapid sale, does your solicitor panel use fast solicitors in Newburn ?
We maintain that our panel of conveyancing lawyers assume a very speed focused plan of attack when carrying out the conveyancing and title transfer
Homeward Legals solicitors approach is different - we use leading edge technology and fast response systems . Critically we always provide you with a lawyer incentivised to efficiently communicate up and down the buyer and seller chain .
How can we determine stamp duty rates, and what amount should we budget for a £462000 residence?
The SDLT owed depends on the value of the house. For a property estimated at £462000, the SDLT rate is £13860 (source: www.hmrc.gov.uk, October 2012).