Conveyancing In Wombourne Q & A's
Should I get my short lease extended before selling?
Buyers are becoming increasingly wary of buying leaseholds with less than 90 years to run because, first, the cost of increasing a leasehold is becoming far more expensive, and, second, mortgage companies are becoming increasingly reticent to lend money to buy leases that have dropped below the 80-year mark (indeed, this will be one of the criteria that they set to ensure their investment is protected).
As a result, buyers will often insist that the leasehold be extended back up to the 99-year or 125-year typical thresholds before going ahead and buying it. So, as the current leaseholder, you will almost certainly be expected to do the legal work required to extend the lease to a level that buyers will be happy with.
Is an administration fee a disbursement or fee?
Comparing conveyancing quotes is often challenging, given the various definitions different firms use to describe the same thing. This cost is a fee not a disbursement, and should be included in the quote for your conveyancing.
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).
Please suggest how to defer paying HMRC stamp duty?
Stamp duty scheme should be treated with extreme caution in Wombourne. Such schemes are highly expensive and very risky.
Will I need a home buyers survey?
It is heavily suggested that you arrange a surveyor to undertake a survey. There are many problems that have a negative impact on a property, which are not included in your mortgage lender's valuation. These can include chimney defects and corrosion of pipework.
Of the large Wombourne mortgage lenders, who have joined your panel?
Of lenders with branches near Wombourne, Homeward Legal work with all the major companies. Local mortgage lenders and brokers include First Rate Mortgage Advice, 5 Furnace Cl, Wombourne, Wolverhampton, WV5 0PB, Cream Financial Solutions, Maypole House/Maypole St, Wombourne, Wolverhampton, WV5 9JB, and Mortgages Protection & Associates, First Floor/House On The Green/High St, Wombourne, Wolverhampton, WV5 9DP. Your solicitor can carry out any relevant lender-imposed searches or checks.