What is stamp duty and land transaction tax?
Stamp Duty Land Tax (SDLT) is a proportion of the final sale price of a property payable to HMRC by the buyer. The current trigger threshold is for any property priced at £125,000 or over (unless you’re a first-time buyer, in which case you pay less or no tax for properties priced at less than £500,000). Your solicitor will handle the transfer of the tax as part of the final tasks on your conveyancing.
In Scotland, buyers have to pay Land and Buildings Transaction Tax and, in Wales, the Land Transaction Tax is triggered at properties priced over £180,000.
In all cases, the amount payable is based on a sliding scale as the price goes up as a proportion of that range added together than an overall flat tax amount or percentage. So, the higher the price goes up, the greater the amount of tax you have to pay.
If my family are buying in Wool next to priory grounds, will you need a chancel search?
As a result of chancel repair liability, the owners of property in Wool which was once owned by a 'lay impropriators' can be liable for repairs to older church buildings. A number of sources are used to identify liability, including maps of Wool's parish boundaries. Churches in the area include The Church of the Holy Rood.
Will a report on title prepared by the Wool conveyancing solicitor give information the amount of the council tax for a cottage prior to exchange?
A property lawyer will speak to the appropriate Purbeck local authority to enquire about the applicable council tax charges which will then be added to the conveyancing report on title.
The correct rates for properties in Wool are set out on the Purbeck council website. As of 06 February 2013 rates are as follows:
- Band A - £1,086.00
- Band B - £1,267.00
- Band C - £1,448.00
- Band D - £1,629.00
- Band E - £1,991.00
- Band F - £2,353.00
- Band G - £2,715.00
- Band H - £3,258.00
What actual property conveyancing searches will a conveyancing solicitor in Wool order when carrying out the conveyancing for a Wool home?
Standard procedure is to get these searches - Local Authority Search, Drainage and Water Search (CON29DW), Environment Search, Tin Mining Search and China Search and occasionally special local Wool searches e.g. a Commons Registration Search.
We are buying a property in Tarrant Hinton. Is a chancel search important?
The solicitor responsible for your move could advise a chancel search. Chancel repair has the potential to be charged on owners of a home where Parochial Church Councils may have spared previous owners or tenants. For property in the parish of Tarrant Hinton, it is not safe to rely on the historical behaviour of the parish council alone as a guide.