+44 20 8423 0203

FAQS

  • How long is the whole Process?

Usually the average time taken is about one/two months. We will endeavour to complete the transaction as soon as possible. However, there are certain matters outside our control, which include your mortgage application and searches. Moreover, if there is a chain then all parties within the transaction have to agree a completion date, which may delay matters.

Buying/Selling a leasehold property usually takes longer than a Freehold. This is because their may be certain matters with regards to the Lease that may need to be addressed. Moreover, there is also a third party to be dealt with (managing agents) in order to collect any management information or service charges statements.

You can opt to either exchange Contracts and fix a date for completion or alternatively exchange and complete simultaneously on the same day.

  • How much does it cost to Purchase a Property?

There will be a variety of costs that you will incur when purchasing a property. However, it is difficult to predict the exact cost that you will incur without commencing the transaction. However, in general you will need to pay the following costs:

  • Legal Fees
  • Building Insurance
  • Any fees incurred with regards to arranging the mortgage/Survey. – Please also note that if you obtained a mortgage via a broker, you will also have to pay broker fees in respect of the same.
  • Search Fees
  • Stamp Duty Land Tax – Please note that you maybe exempt for the same, dependent on the value of the property you are purchasing and whether you are a first-time buyer. Alternatively, if you are a purchasing a second home, you may be liable to pay a higher rate of Stamp Duty.

In addition to the above-mentioned, if you are either buying or selling a Leasehold Property, you may incur additionally costs in relation to any managing agents documentation that may need to be obtained. Please do not hesitate to contact us at either 020 8423 0203 or admin@somasolicitors.co.uk in order for us to provide you with a quotation. 

  • What am I paying for?

We will provide you with a fixed cost quotation regarding your Conveyancing matter from the very first outset. Please note the following work that will be carried out

  1. Thoroughly Check all the Title Documentation
  2. Apply for and thoroughly check Searches.
  3. Check all the Title Documentation
  4. Thoroughly Check all the Mortgage Offer and liaise with lender regarding any discrepancies
  5. Preparation of the Draft Contract and supporting documentation
  6. Raise initial and additional enquiries regarding the purchase of your property. Further reply to any initial/additional enquiries raised by the Buyer Solicitors.
  7. Redeem any mortgages/charges affecting the property
  8. Liaise with the managing agents with regards to any documentation or replies required by the Buyer Solicitors. Also, to thoroughly go through the Lease and ensure that there are no defects to the same. (Leasehold)
  9. Liaise with managing agents/freeholder and ensure that that there are no service charges/ground rent outstanding or any major work/expenses envisaged.
  • Do I still have to pay if I don’t buy or sell my Property?

Please note that you will be liable to pay abortive costs even if the transaction does not proceed to completion. How much monies are charged depends on how far the transaction has progressed. However, we are understanding and will aim to keep the abortive costs as low as possible.

  • What is Stamp Duty Land Tax?

Stamp Duty Land Tax is a tax which is raised by the government and also paid to H.M. Revenue & Customs. This is payable on all purchase of Freehold/Leasehold properties over the price of £125,000.00

Buy-to-let and second home Stamp Duty tax bands
Brackets Standard rate Buy-to-let/second home rate (April 2016)
Up to £125,000 0% 3%
£125,001 – £250,000 2% 5%
£250,001 – £925,000 5% 8%
£925,001 – £1.5m 10% 13%
over £1.5m 12% 15%

 

Please note that in certain circumstances as a first-time buyer you may not be liable to pay any stamp duty. Further as an individual purchasing a second home, you may be liable to pay a higher rate of stamp duty as illustrated above.  In any event, please do not hesitate to contact us at either 020 8423 0203 or admin@somasolicitors.co.uk in order for us to provide you with a quotation including a stamp duty calculator.

  • Can you arrange a Mortgage for me?

We will be able point you in the right direction, however will not be able to advise you on a particular broker/bank. In any event, please do not hesitate to contact us at either 020 8423 0203 or admin@somasolicitors.co.uk in order for us to help you, where we can.  

  • Do you know any good estate agents?

We work with a number of good estate agents within the surrounding area. Please do not hesitate to contact us at either 020 8423 0203 or admin@somasolicitors.co.uk in order for us to help you, where we can.

  What do we need to know if we are buying in joint names?

When purchasing a property in joint names, you can either opt to purchase it as joint tenants or tenants in common. We will explain to you the difference between the two, as the way in which you hold the property will determine what happens to the same in the unfortunate event of a party’s death .

 What is the Help to Buy: ISA Scheme?

Under the scheme, individuals may save for a home by putting savings into an individual savings account offered through the Help to Buy: ISA Scheme. Subject to the rules of the scheme, HM Treasury will pay ISA savers under the scheme a bonus that must be used as part of the purchase price of the home. The amount of bonus paid to any individual will be dependent on the amount of monies saved by them in their Help to Buy: ISA. Please note that the minimum bonus payable will be for the sum of £400 and maximum of the sum of £3000. Bonus will be claimed by conveyancers whom are acting on behalf of the ISA savers in connection with the acquisition of their homes.