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 does conveyancing generally take, in your opinion? We have a buyer ready.
The time needed to sell or purchase property will vary, affected by a broad set of issues which can include whether there is a mortgage. With our solicitors, your sale, purchase or remortgage is handled quickly, and to the highest standard of service.
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.
Do your property lawyers carry out the conveyancing of auction properties in Sherston?
Yes - our property solicitors frequently get instructed by buyers and sellers at auction. We consistently advocate bidders to formally appoint their conveyancing lawyer prior to the day of the auction to give enough time for an investigation of the legal pack.
Thereafter, following the day of the auction, a lawyer needs to be prepared for carry out the legal process in less than 4 weeks as conventionally required by the conditions of sale.
Which local factors can affect land in Sherston. Will they be properly investigated?
Land will be contaminated by many factors caused by man and by nature, such as shallow mining and waste disposal sites. An environmental search can provide much more clarity.