What steps can I take to bypass paying out for SDLT rates?
SDLT commonly must be paid on property priced at over £125,000. Homeward Legal do not recommend any stamp duty mitigation scheme, as such schemes are highly expensive and , if a scheme is challenged, you can be fined up to 100% of the amount owed, in additional to the tax itself. There have been a small number of government initiatives, however, such as disadvantaged area relief. Your solicitor will advise as to your eligibility.
How can I uncover more information on the standard of the conservation areas in Sparkhill and Sparkhill?
Local Sparkhill conservation area matters including building materials, coloured road surfaces or neon signs are regulated by the local authority (Birmingham). English Heritage have conducted a survey and created information in relation to the condition (poor to good) of conservation areas along with the exposure to the area falling into disrepair.
Will HS2 impact Sparkhill properties?
Yes, HS2 will likely be an issue for a range of houses in Sparkhill. The first phase of HS2 will affect 23 local councils including Birmingham City, from central London to the Midlands.
When is it appropriate to get a conveyancer?
Whether you are buying or selling in Sparkhill, instructing as soon as possible is wise. The legal work can then begin immediately. Early instruction of a conveyancing solicitor to act on your Sparkhill sale or purchase for a purchase may mean that you can shave days off the process by having the details of your instructed solicitor ready when you make an offer, or, if you are selling a property, documents can be prepared earlier, considerably accelerating the whole process.
For a fast conveyancing process on the purchase of a £228k property, what should we guarantee to accelerate the transaction?
Crucial to a fast transaction is to employing a proactive conveyancing solicitor. When finding a suitable a conveyancing solicitor, ask yourself the following: Was there a delay delivering a quote? Are phone, fax and email their preferred methods of contact Do they order searches immediately?
Should I list my property with more than one estate agent?
The choice is entirely up to you and your specific circumstances. Going with a sole agent is probably the cheapest option (although the reach to buyers is dependent on how many clients are on their books), while multiple agents will be more expensive (but will reach a broader client base).
If you’re looking for a quick sale or the market is rather sluggish, it makes sense to put your property on with a number of agents. If the market is buoyant, it makes more sense to place the property with a sole agent.
Whichever you choose, you should always check the terms and conditions so that you know what service you’re getting for your money and how much it will cost you once the home is sold. You should also understand if there are penalties should you decide to place the property with more or fewer agents later on during the agreement period.
Is there a checklist for buyers or sellers helping to decide what’s most important?
The process of buying and selling is a complex one, so it’s helpful for your research to have checklists to ensure nothing is forgotten. There are several online resources with checklists for individual aspects of the moving process, including what to consider as a first-time buyer, help to buy schemes, removals, speeding up conveyancing and so on.
When it comes to deciding what you want for your new home to help you narrow down the choice of locations and types of property available, this is largely down to personal choice, so a standardised checklist might limit your requirements. You can talk to an estate agent about what you want as they will have the experience to narrow down your options. However, you need to consider the size of the property (number of rooms, bathroom facilities, bedrooms, etc.), size of garden, proximity to public transport links, noise, entertainment options (e.g. cinema, pub, eateries, etc.), access to off-road parking, schools, speed of broadband, and so on. Consider making a list of what the property must have and an associated wish list so that likely compromises can be made.
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).