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.
We are on a short deadline, needing arrange fast conveyancing, what should we arrange to accelerate the process?
Instructing a proactive and experienced conveyancing solicitor is essential to a faster move. That said, there are a range of tasks you as the buyer could do to speed up the legal work. These include:
- pushing the conveyancing solicitor to begin enquiries as soon as possible
- answering any queries raised by the conveyancing solicitor as soon as possible
- organising your finances, including arranging a mortgage
The home I’m buying has been empty for two years; what questions should I be asking the solicitor, the estate agent, and the surveyor?
If a home has been empty for a considerable period (such as the two years mentioned here), there’s usually a reason for it. There is estimated to be around a quarter of a million properties in the country that have been empty for more than 6 months.
The primary reason is that the owner hasn’t the funds to renovate the property, or they’ve started gutting the place and run out of money to take it further, or perhaps there’s been a significant problem (e.g. fire or flood are common instances). Most likely, these properties will come up at auction.
Your estate agent will be aware of its history if the property is on their books, so you can find out a lot from them, the council will have an empty property officer, and the Land Registry will have information on the deeds. As far as the solicitor is concerned, they will establish the position on the property as part of the conveyancing, while the surveyor will have experience of checking out such properties, with the advice that you order a Building Survey (the most detailed of the options) to check out its structural integrity. Note that mortgage lenders will be more reluctant to offer a loan on such homes.
Ultimately, the ball is in your court and, if you want to pursue buying such a property, you need to be prepared to do the research, which can take up a lot of time.
The moving process can be bewildering and stressful. Let Homeward Legal look after the legal side of things for you and we'll guide you through the process from start to end. Call 0800 038 6699 to find out more.
Of main Ravenshead lenders, who is on your panel?
Of lenders with local branches in or near Ravenshead, Homeward Legal work with the vast majority. Lenders and mortgage specialists in Ravenshead include Independent Mortgage Shop, 45A Plains Rd, Nottingham, NG3 5JU, TFC Mortgages & Loans, Castle Cavendish Business Centre/Dorking Rd, Nottingham, NG7 5PN, and Ark Fiscal Solutions Ltd, Enterprise House/5 Newton Rd, Tibshelf, Alfreton, DE55 5PH.
What kind of fact finding about the risk of possible flooding in Nottinghamshire will a Ravenshead conveyancing solicitor report back to us on?
A crucial step in the legal due diligence process carried out when buying a property involves a conveyancing lawyer applying for conveyancing searches for information regarding Ravenshead flooding. At the time of writing (26/02/13) indications at the UK Environment Agency don’t reveal any flood warnings in the Ravenshead area.