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 amount of time should the legal work to transfer a home take, on average? The property is also local.
The time required to transact a property varies, with reference to a range of aspects. With our solicitors, your sale or purchase is handled as fast as possible, without compromising on service.
I am buying a medieval barn conversion in Desborough. Are we advised to get a chancel search?
A solicitor should confirm that a chancel search be taken out, irrespective of the parish in which the home being purchased is located. Through some Parochial Church Councils have decided to charge chancel repairs on the current owners of affected property, there is no guarantee that a parish which has not been subject to chancel liability in the past will not continue to be so. Even if liability is unlikely, indemnity insurance is a sensible precaution.
How soon should I arrange a solicitor?
In the vast majority of cases, the sooner the better, as there are a number of tasks that can be performed straight away. Promptly instructing a solicitor for a sale means that paperwork can be prepared, even before a buyer is found, whereas if you are buying you can shave days off the process by having the details of your instructed solicitor ready when you make an offer.
What kind of research in respect to the risk and history of a flood to properties in Northamptonshire will a Roade conveyancer report back to us on?
An important step in the conveyancing procedure involves a lawyer conducting environmental searches that offer you details in relation to Roade flood risk.