Stamp Duty
Stamp Duty
As a guide, the general rates of Stamp Duty Land Tax (SDLT) for residential property purchases are:
Price of Property Stamp Duty
Up to £125,000 0%
£125,001 to £250,000 2%
£250,001 to £925,000 5%
£925,001 to £1.5m 10%
Above £1.5m 12%
We calculate the Stamp Duty and complete the form for you.
Stamp Duty is calculated as a percentage of the price of the property.
Stamp Duty is paid by the Buyer of the property.
The Transfer Deed
The Transfer Deed
To change the names on deeds to a property a Solicitor will firstly obtain the deeds or Official copies from the Land Registry and will then begin to prepare the Transfer Deed. They will notify any third parties and assess if stamp duty is payable (some Transfers of Equity are exempt from Stamp Duty, for example if the transfer is the result of a court order). A Stamp Duty Land Tax (SDLT) form will be completed and submitted to H M Revenue & Customs and identity checks undertaken. The Transfer Deed will be signed by all parties in front of witnesses.
If transferring at market value, the transfer deed will show the price paid for the share in the property. If your transfer is a 'transaction at an undervalue' (transferring for free or at a discount on market price), for example as a family gift, between companies or to avoid losing the property through debt or insolvency, you will also need to sign a Declaration of Solvency. If the person who transfers the property becomes bankrupt within a number of years of the transfer, the law can undo it in order to protect any creditors and the property can be sold off by the Official Receiver to cover debts. You may also need insolvency insurance to cover mortgage payments; your Solicitor can arrange this for you.
Selling a house FAQ’s
Selling a house FAQ’s
Where are my Title Deeds?
If you have a mortgage, you Bank or Building Society may hold your Title Deeds. The Title Deeds are your proof of ownership of the property and your solicitor will need to send a copy to the buyer’s solicitor during the initial stages of the conveyancing process. At Dale & Co Deeds are stored for free.
Who pays Stamp Duty?
The buyer pays Stamp Duty; the amount is dependant on the purchase price.
When do I have to move out?
On the completion date, which will be agreed mutually by all parties via your solicitor.
Do I have to pay Capital Gains Tax?
If you are selling your main home you do not usually need to pay Capital Gains Tax. Your solicitor will advise you on this.
Options
Options
An option allows a property to be sold at a given price at a given time. Options can apply to any sale, most often a financial security such as shares or bonds, a commodity or land. Option agreements must assign a time period, which can be anything up to 21 years. The time scale is very important to both the buyer and seller, defining how long the transaction may take and how long the property will be tied up for. A contingency should be added when deciding upon the time scale to ensure that the transaction and arrangements are all in place.
The parties entering into an Option Agreement are known as the Property Owners and the Option Holder. The title deeds to the property must be closely checked as all owners must enter into the agreement.
An amount from £1 is paid as consideration for the option agreement. This may be deducted from the purchase price, and is non-refundable if the option is not used. If the option sum is not included in the purchase price, it is added to the purchase price for calculating Stamp Duty.
Completion
Completion
The third and final stage of your property purchase. On completion the balance of the purchase price is paid and we receive the title deeds and transfer document. You can now collect the keys and move into your new home!
All that remains is for us to register your purchase and pay stamp duty, if applicable. Once this is paid and your title is registered we will confirm registration to your mortgage provider. If you purchased with the aid of a mortgage we can store your deeds at our office or forward them to you for safekeeping.
LPA and the Mental Capacity Act 2005.
LPA and the Mental Capacity Act 2005.
For both kinds of LPA, you must carry out your role as attorney under the Mental Capacity Act 2005.
An attorney must act in the donor's best interests and only within their authority as attorney. The code of practice specifies that:
- A duty of due care when making decisions on behalf of the donor
- To carry out instructions as required by the LPA
- A duty not to delegate the powers given to you under the LPA unless you have been authorised to do so
- Not to benefit yourself but to benefit the donor - this means avoiding conflicts of interest and in particular not profiting or acquiring personal benefit from your position
- A duty of good faith, which means to act with honesty, and integrity
- A duty of confidentiality - to keep the donor's affairs confidential unless the donor has consented otherwise
- To comply with the directions of the Court of Protection
- Not to give up the role without telling the donor and the Court.
Regarding the property and affairs LPA:
- To keep the donor's money and property separate from your own
- To keep accurate accounts of your dealings as attorney
Attorneys are not supervised, yet the court can ask for information or issue directions if they feel that is necessary. If the court considers that an attorney has not acted in the donors best interests, it can revoke the attorney’s authority.
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