Conveyancing Made Easy – First Time Buyers
This week, we managed to catch up with Pabla & Pabla Solicitors Head of Conveyancing, Colin Bethell, how took part in a Q&A session in order to assist those who are looking to purchase their first home. We understand that if it is the first house you buy, you are unlikely to understand the conveyancing process, therefore Colin has answered any questions which you may have.
Why do I need a conveyancing solicitor?
Moving house is a stressful time for any person, whether you are first time buyers or have moved several times beforehand. Your solicitor will deal with all legal aspects of the sale and purchase on your behalf, highlighting all relevant aspects during the matter to ensure that your transaction is completed safely.
How long should I expect my conveyance to last?
The length of a transaction varies depending on the complexity and the progression of other transactions within the chain. I would say that approximately 8 weeks would be a typical timeframe for completion.
What is the difference between an Exchange and a Completion?
A common area of confusion, particularly for inexperienced buyers and sellers of a property, is the difference between the ‘exchange’ date and ‘completion’ date. Despite the confusion, some clients may be too embarrassed to ask their Conveyancing Solicitor what the difference is.
The ‘exchange’ of contracts is the date when both buyer and seller become contractually bound to buy and/or sell for the agreed price and the date for completion is fixed. The term ‘completion’ refers to the date on which the purchase funds are sent to the vendors solicitor and therefore, the date that the buyers are able to collect the keys to move into the property.
What are the costs associated with a house purchase?
In addition to providing a fixed cost for our legal fees, prior to commencement of any transaction we will provide you with an estimate of all disbursements which you will incur during your sale or purchase. These costs tend to include stamp duty and Land Registry fees.
What is Stamp Duty?
Stamp Duty Land Tax (SDLT) is a tax charged to the purchaser of a property and must be paid within 14 days of completion. We will provide the exact liability for each transaction at the start of the process, however, to provide a guide, the current tax bands are as follows:
|Purchase Price||Stamp Duty Tax|
|Less than £125k||0%|
|£125k to £250k||2%|
|£250k to £925k||5%|
|£925k to £1.5 million||10%|
|Over £1.5 million||12%|
Please note that the tax due will be less for most first-time buyers, however it can be higher if you already own another property on completion of your purchase.
Why choose Pabla’s to deal with your purchase?
Our team have the expertise and understanding to ensure that you are led through the process in an efficient manner, ensuring that you are kept up to date with progress of your transaction.
If you are looking to buy your first home, please get in touch with our property team on 0161 446 1122, or by emailing email@example.com.
The Old Town Hall, Lapwing Lane, Didsbury, Manchester. M20 2NR.