Once all of the legal work has taken place, the completion statement will be issued showing the remaining costs that need to be paid. These will include:
This is normally at least 5% of the purchase price.
You must pay this if you are buying a residential property in England, Wales and Northern Ireland, that is valued over £125,000. If the property is your only property and costs less than £125000 there is no charge. It is paid in bands as the property price increases:
If you are buying second or additional properties you will need to pay an additional amount of 3% of the property’s value, in addition to the normal stamp duty.
In Scotland, the tax is similar and called Land and Buildings Transaction Tax (LBTT). The structure is similar but the rates applied slightly differently:
There is also LBTT Additional Dwelling Supplement (ADS), which is the same additional 3% surcharge when buying second or additional properties.
The service charges and ground rent due for leasehold properties are often paid annually or every six months. If the seller has already paid for a period when you will be the owner, you will need to reimburse them the amounts that have already been paid.
This is payable for new build properties and is a fee payable to the developer’s conveyancer for preparing and supplying the legal documentation for signature. The fee varies depending on the developer but is typically £120 – £150.
This is the amount you need to pay to the land register in order to register the property in your name. There is a table of charges depending on when and how the registration is made but the maximum current charges are:
This is usually a flat fee charged to transfer the money during the transaction as it is usually sent be CHAPs transfer
Property for sale
Property for rent
New build properties
Commercial property to let
Commercial property for sale