May 20, 2022 Eliza Arcudia 0Comment

Why do people buy property

People buy property for a number of reasons.  One reason people buy property is that it is security for the future, they will always have the property to fall back on if times become hard.  Although there are many other reasons to buy property.

You may wish to upgrade your current property as you have recently gotten a promotion and more money, you may have just had a child or another child and require a bigger property.  You may wish to move to an area where the best schools are or nearer to your place of work. 

 You may wish to buy property to use this as a holiday home or to let the property and earn income from it.  As you can see there is a vast number of reasons that you may wish to buy property, 

What is needed to buy property

There is a lot needed to buy property. First of all you need to find a property that you like, that is for sale and is in your price range. 

Once you have done this you will need to sort the funding to be able to make the purchase, this could be from savings, a gift or in most cases a mortgage.

Once you have got all this in place and have arranged to buy property you need to choose a conveyancer to do the legal work.  When you buy property it is often described as one of the most stressful things that you will do.  That is why it is important to choose a conveyancer who is right for you and will make everything a lot easier.

As you will see when you buy property it is not just as simple as choosing one you like and buying it, there is a lot that goes into this.

The price of conveyancing fees in the uk

Conveyancing fees in the UK are always a topic of conversation even sometimes when people are not buying property.  People will talk about conveyancing fees uk, such as ‘oh we used such a firm and they were really cheap’ or the opposite and people saying they were really expensive.

You can be looking at a wide range of conveyancing fees in the UK but an average could be between £1000 – £2000 as a basic fee and any extras in the transaction would be charged accordingly, such as drafting an additional deed or acting for a mortgage lender. 

Are conveyancing fees fair and good value?

Conveyancing fees uk as mentioned above are discussed a lot especially when looking for a conveyancer to deal with a house purchase.  Some people think that conveyancing fees in the UK are expensive and that conveyancers do not earn this money.  One way to look at this would be to look at the fees of other people in the industry and see what they charge such as estate agents, surveyors and mortgage brokers and compare this with the fees of a conveyancer you will see they are in fact fair and maybe even cheap.  

If your conveyancing fees end up costing say £1000 and your conveyancer is really good and makes the transaction run smoothly and helps you move under the average time of 5 months then this would be £1000 well spent and a ‘bargain’.

What is stamp duty 

Stamp Duty is a tax charged on most property purchases in the UK.  The tax is charged on a sliding scale.  Stamp duty is often overlooked when budgeting for a house move but when people ask how much is stamp duty uk they are often shocked and sometimes even have to reconsider their move or save a little longer.  How much is stamp duty uk is a tough question to answer also as the rates differ in England and Wales.  

How much is stamp duty uk should be asked and sorted out at the beginning of a transaction the full costs can be found on the government’s website there is also helpful tools such as a calculator and more information.  Stamp Duty in England and Northern Ireland begins from £125,000 unless you are a first time buyer, then there is a relief up to £300,000.

Problems that can arise

Problems that can arise when answering how much is stamp duty uk is that there is no simple answer.  In a straightforward purchase it may be fairly straightforward to calculate the Stamp Duty. 

However if this is a purchase of a second home, one that is not going to be your main residence or the purchase of land or a purchase by a company there are a lot of calculations and variable factors that can cause the answer to how much is stamp duty uk to be different. 

In these cases you may need to look at taking separate specialist advice such as those of a conveyancing solicitor in Oldham or London. and always before purchasing any property have a look at the cost of stamp duty and how it will affect you.  This can be done on the government website.

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