The recent Autumn Statement announced some big news with regards to Stamp Duty Land Tax charges which will have a positive effect for most buyers. Before December 4th Stamp Duty Land Tax was calculated as a percentage of the whole property price and this percentage went up depending on the value of the property. For example, properties over £125K levied a 1% charge, over £250K levied a 3% charge, over £500K was 4%, over £1 million was 5% and over £2 million was 7%. The changes to Stamp Duty Land Tax have been quite radical and, similar to income tax,…Read more..
Commercial Conveyancing is the process by which commercial properties or land is bought and sold with the transactions carried out by a commercial property solicitor. This is a brief summary of how the process works for commercial properties from both a buyer and seller perspective. Buying Process If you’re purchasing a commercial property your solicitor will do the following: -Investigate the title to the property you’re buying and carry out any pre-contract searches. -Upon receipt of the title and searches the draft contract from the Seller’s Solicitor the Solicitor will raise any necessary enquiries resulting from the searches and answers…Read more..
Second steppers, as they are referred to in the property industry, are those people who are still living in the first home they bought who do not have the necessary funds to take that second leap up the property ladder. This is causing quite a problem in the property market because it’s stopping first-time buyers entering the market and the whole process come to a bit of a standstill. So what’s the problem? The main problem that second steppers are finding is the sheer cost of making that upward move. Many first-time buyers are still suffering with negative equity in…Read more..
If you are on the look out for a property solicitor to manage the buying or selling of your home then you are probably wondering what you’re paying for and where your money will be going! Costs will vary according to the price of the homes being bought and sold and what you will get is a comprehensive service that includes: - Conducting vital searches with local authorities, utility companies and other bodies to ensure no future plans or financial liabilities on the property in question. For example, the searches will reveal if your property is in a flood-risk area,…Read more..