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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.
The following is a more accessble plain text extract of the PDF sample above, taken from our Property Law and Practice Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
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?
Buy the full version of these notes or essay plans and more in our Property Law and Practice Notes.
