We are purchasing in Seaview. Are there any areas of conservation in the area?
There are a range of conservation areas near or within Seaview. Your conveyancing solicitor will advise further and address the impact buying in a conservation area may have.
Will my Seaview property lawyer advise me on the risk and history of local flooding to properties in Seaview?
A vital component in the legal due diligence procedure of purchasing a property involves your lawyer carrying out property environmental searches that set out information about the Seaview flood risk area. In addition the Seaview property solicitor will typically advocate an inexpensive additional local Seaview area flood risk search.
Can you recommend how to avoid paying for SDLT rates?
SDLT commonly must be paid on property sold for more than one hundred and twenty-five thousand pounds. We strongly advise against any stamp duty reduction, as such schemes are highly expensive and the HMRC can review a scheme up to 6 years after a sale is completed . There have been a range of government initiatives, however, such as higher thresholds for first-time buyers. You will be able to confirm your eligibility for any such active initiatives with your solicitor..
What is the council tax on a terraced Band C property in Seaview?
You should be cover your new homes council tax band with the report on title. The correct charges for properties in Seaview are tabled at the Isle of Wight council website. At the time of writing (11 June 2012) the rates are:
- Band A - £979.00
- Band B - £1,142.00
- Band C - £1,305.00
- Band D - £1,468.00
- Band E - £1,794.00
- Band F - £2,120.00
- Band G - £2,446.00
- Band H - £2,936.00
We are buying a £280000 property in Seaview. How is stamp duty assessed?
The SDLT you pay depends on the valuation. On a £280000 Seaview home, stamp duty will be £8400.*
*Accurate as of November 2012
What specific things do I need to look out for if I’m buying a house on the coast?
With worsening weather and floods now becoming increasingly commonplace, with the media remarking on it in depth, buying a property that has a likelihood of flooding is a difficult decision to make. Not only is there the issue of cleaning up if it does flood, but insurance premiums will be much higher (and perhaps even prohibitive).
For homes in coastal areas, there is also the problem of coastal erosion, where some properties have been seen to literally fall into the sea.
However, the good news is that picking a home in a coastal region doesn’t automatically mean that it’s going to be subject to flooding or that it’s eventually going to slip into the sea. The searches ordered by your conveyancing solicitor will identify the level of risk associated with the property and, based on this, your solicitor may recommend that you take out specialist reports (e.g. from Landmark or other organisations) to get a more in-depth description of the risks and options. These are in addition to the standard set and will be charged to you as a disbursement at cost.
Your surveyor will also be able to identify evidence of previous floods and other problems during their inspection and provide advice in their report. If the problems are considered sufficiently severe, the surveyor may also note the specifics for further investigation by your conveyancing solicitor.
When do I need to arrange a conveyancer to act on our purchase?
If you use a firm offering a 'no move, no fee' guarantee, the earlier in the process you can instruct a firm, the better, as the legal work can start very early in the process. Some groups suggest waiting before instruction until the offer is accepted, but doing so will put you at a disadvantage compared to better prepared buyers, or if your buyer decides to pull out due to delays.