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.
Do I need a solicitor?
The quick and easy answer is that you don’t. There is no legal imperative for you to employ a solicitor to handle the conveyancing when dealing with property. However, it would be rather unwise for you to carry out the work yourself because you probably won’t have the skills, knowledge and experience to perform many of the complex tasks, and you won’t possess the indemnity insurance that all solicitors are obliged to carry to protect clients in the event that something goes wrong.
You need to appoint a solicitor who is experienced, proactive and focused so that you have the best chance of completing your transaction as early as possible. You should also look for such a solicitor who also offers ‘No Completion, No Fee’ protection so that you will only be invoiced for the fees once your transaction has completed successfully.
Worried about the conveyancing process? Looking at a tight budget? Let Homeward Legal help you with our low fees without compromising our service values. Call us now on 0800 038 6699.
What causes purchase conveyancing legal work to take so long?
The legal work required to buy or sell a property may take more time than budgeted even in the best of circumstances. The reasons may unfortunately be out of the conveyancing solicitor's control, Homeward Legal, however, work hard to reduce their effect wherever possible to do so by pushing all parties involved. Delays can include difficulties with mortgage finance.
What’s the difference between exchange of contracts and completion?
When you exchange contracts, this means that you are agreeing to all the terms drawn up within the contract made between you on one side of the transaction, and the opposite party on the other side. It is from this point that you are legally obliged to go through with the transaction (unless you want to be subject to financial and/or legal penalties).
The completion of contracts is the point where you officially take over ownership of the property, receive the keys and can move in. All monies are transferred between the various parties and the conveyancing solicitor contacts the Land Registry to register the change of ownership to you.
Confused by the jargon in conveyancing? Let Homeward Legal's straightforward and clear service help guide you to as early a completion as possible. Try our online quote generator or call us on 0800 038 6699.
What authority is obliged for logging the condition of Rowlands Gill and Rowlands Gill conservation areas?
Local conservation areas are set up by Gateshead who preserve conservation area concerns from including things like neon signs, rear extensions and paths. English Heritage have assembled information of the state of repair of conservation areas along with the vulnerability to a decline in standards.
How much will the charge for searches be?
Conveyancing searches ranges in cost, depending on the specific searches which have been ordered. In Rowlands Gill, the standard bundle of searches included a mining search and a chancel liability search.