Do you advise taking precautions to avoid paying HMRC stamp duty?
We do not advise clients get involved with any stamp duty reduction scheme. These schemes are costly and often likely to fail. There have been a small number of legitimate initiatives, however, such as relief for buyers in 'disadvantaged areas'. You will be able to confirm your eligibility for any such active initiatives with your solicitor..
What does a Ruskington conveyancing solicitor advise if the property is within a North Kesteven planning authority conservation area which has ill-suited cladding installed?
North Kesteven planning authority searches carried out by your solicitor during the legal process will identify if the Ruskington property a conservation area and any evidence of authorisation for alterations will be asked for.
How much time does conveyancing to purchase residential property need, on average? If it matters, we are purchasing a home in Ruskington.
For the majority of buyers and sellers, the time taken to transfer residential property can vary, dependent on a range of concerns, for example, if a property is leasehold or freehold. 8 to 12 weeks is the average for many firms, whereas Homeward Legal take a more proactive attitude, pushing a transaction to complete within 8 weeks if possible.
When should I instruct a conveyancer in Ruskington?
If you use a conveyancing firm offering a 'no move, no fee' guarantee, as soon as possible, as there are several tasks which may be carried out immediately. A number of sources suggest waiting before instruction until an offer is accepted, but delays can risk the other side pulling out, particularly in uncertain market conditions.
Is a purchase repossession fee a fee or a disbursement?
Some solicitors may attempt to pass off extra costs as necessary disbursements. It may be unclear if a cost is a fee or disbursement, and if it ought to be included. This cost is a fee not a disbursement, and should be included in your quote.
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).
Is the buyer or seller responsible for the searches?>
It is you, as the buyer, who is responsible for checking that all is well with the property you are buying. This is why your conveyancing solicitor will order a set of standard searches (Local Authority, Water and Drainage, Environmental, and Chancel Repair – these are also the searches requited by your mortgage lender), plus additional searches dependent on the property, recommendations from the surveyor in the survey report, and the location and history of the area.
Need a little help on understanding the detail of your conveyancing? Our solicitors make sure that everything about your transaction is clear so you always know what's going on. Call now on 0800 038 6699 and we'll get your conveyancing under way today.