|
|
|
Stamp Duty Land Tax is a Government tax and is
payable by the buyer at the stipulated percentage of the whole
price. The current rates of duty for residential property are
generally as follows:
| Property Price |
Percentage charge on
whole price |
| Up to £125,000 |
Nil |
| £125,001–£250,000 |
1% * |
| £250,001–£500,000 |
3% |
| £500,001–£1,000,000 |
4% |
| Over £1,000,000 |
4% (5% for residential from 6 April 2011) |
For commercial and mixed use property no duty
is payable until the consideration exceeds £150,000.
Any VAT payable is included in the chargeable consideration.
Leases and Tenancy Agreements can also attract Stamp Duty Land
Tax, details of which are available on application.
* Until 25 March 2012 there will be relief from Stamp Duty Land Tax
where the consideration is in this band for first time buyers who intend
to occupy the property as their only or main home.
Land Registry Fees are also payable by the buyer,
and in most cases are as follows:
| Up to £50,000 |
£50.00 |
| £50,001–£80,000 |
£80.00 |
| £80,001–£100,000 |
£130.00 |
| £100,001–£200,000 |
£200.00 |
| £200,001–£500,000 |
£280.00 |
| £500,001–1,000,000 |
£550.00 |
| Over £1,000,000 |
£920.00 |
- Energy Performance Certificates are
required for sales and leases of both commercial and residential
property. We provide these at cost to our conveyancing clients.
Prices vary, depending on the property, but start at about
£70 plus VAT.
- Local Search Fees range from approximately £150 - £250
depending on the Local Authority concerned.
- Bank Transfer Fees are charged by us for sending funds
electronically. The fee for sending
monies on your behalf is £30 plus VAT. This includes
a bank charge of £7.50
- Bankruptcy Searches against each borrower are
required by lenders. Each search costs £2 per name.
- Land Registry Office Copies are required when registered
land is sold. They generally cost in the region of £8 - £16
depending upon the documents required.
- Land Registry Searches are title searches made
prior to completion. They generally cost in the region of
£4.
- Water Searches confirm whether or not the property
is connected to main drainage and water supply. The cost
is approximately £50 plus VAT for residential properties.
- Environmental Searches give details of various
environmental issues affecting the property. The cost
is approximately £40 plus VAT for residential properties.
Fees vary for commercial properties but are considerably more.
|
