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Finance And Surveys Notes

LPC Law Notes > Property Law and Practice Notes

This is an extract of our Finance And Surveys document, which we sell as part of our Property Law and Practice Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.

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Buyer

Included in price or payment required?
Check 'fixtures and fittings' form
No SDLT payable on amount of price related to contents


On EXCHANGE
Standard deposit = 10% [SC

2.2.1/SCPC 3.2.1] (often reduced to 5% in residential transactions or even 0% in commercial)
May be held by seller's solicitor as agent or stakeholder

Deposit



Other costs

Stamp Duty Land Tax

Residential Properties:
 0-125K: 0%
 125K-250K: 2%
 250K-925K: 5%
 925K-1.5M: 10%
 Over 1.5M: 12%

Commerical Properties:
 0-150K: 0%
 150K-250K: 2%
 Over 250K: 5%

Other special rates & exemptions:
 First-time buyers for properties £500,000 or less do not pay any SDLT up to
£300,000 and pay 5% on the portion from £300,001 to £500,000
 Purchase of additional properties - extra 3% on top of usual rate
 Purchases by corporate bodies - rate of 15% applies to residential purchases of over £500,000 by certain corporate bodies and 'non-natural persons'
 Property left by will is not subject to SDLT




Searches
Legal fees
Survey
Insurance
Land Registry registration fee
FINANCE

Existing mortgage to repay?

Contents

Purchase price

Seller

Inclusive or exclusive of
VAT?
Cash buyer or mortgage required?

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