Elaine Tottie
Licensed Conveyancer
Phone: 01423 564551
Email: et@powell-eddison.co.uk
Residential Conveyancing Harrogate - Buying a New Home
What are the considerations when buying a new home?
The first question that will normally be asked among you and your family is why do you want to move? There are many reasons as to why you may want to buy a new home including:
more space
a better location
good local schools
get on the property ladder
or something else; but make sure that whatever your priorities are, you need to remain focused on them when home-hunting.
Advisory Note: It is advised that you should consider your needs for at least the next 5 years as moving home is both costly and a big upheaval.
Also, it is important to think about what you are leaving behind. There are many questions and things to consider, such as:
Do you currently take anything for granted that your new location might not have?
Are the travel links any better than your current location?
Are you OK with the new distance to your job, family or friends?
Do you get more value for your money compared to your current location?
The above considerations are particularly poignant if you are looking at downsizing when buying a new home; Are you ready to live in a smaller home? Are you happy in a less popular area? Will downsizing free up enough money to justify expenses of moving?
If you are looking at buying a new home, Powell Eddison are residential property solicitors in Leeds. Call us today for a free initial consultation with our conveyancing solicitor team.
Contact our licensed conveyancing solicitors by calling our Harrogate law firm on 01423 564551or our Leeds law firm on 0113 200 7480. We are ready to help you when buying a new home.
Buying a new home process
The average transaction can take between 8-12 weeks This timeframe can be extended or shortened depending on a number of different reasons.
When buying a new home to live in (not a property to rent out), you will usually find that the seller is also buying another property. The number of buyers and sellers buying and selling properties simultaneously is known as a Chain.
Everyone in a chain needs to exchange contracts and complete their property purchases/sales at the same time. If each party are working to a different timescale, it could mean that your transaction may take longer than the average 8-12 weeks.
In order to complete the sale or purchase, the chain must remain intact. If one party withdraws, the chain can completely collapse and everyone will have to start again. It is always advisable to discuss the chains progress with your Estate Agent, especially if you have a specific timetable to work to.
Stamp Duty Costs
In England, it is very likely that when buying a new home, you will need to pay stamp duty land tax (often called just stamp duty) on your property purchase. This tax normally adds a few thousand pounds to your purchasing costs, so it is vital you factor this additional cost in.
In England, stamp duty is charged in bands. All new home purchases pay nothing on the first £125,000 of the agreed purchase price. After this, it will increase into the relevant higher bands listed below:
Property Value Stamp Duty rate
£0-£125,000 0%
£125,001 - £250,000 2%
£250,001 - £925,000 5%
£925,001 - £1.5m 10%
It is also important to understand that if you’re buying a home beyond your primary residence (so that you own two or more homes simultaneously), your stamp duty will be 3% higher than the listed percentages above.
The UK government have provided this stamp duty calculator, to allow you to find out how much you should expect to spend when you move.
In Wales and Scotland, the rules differ from the costs in England.
In Wales, the tax is called Land Transition Tax (LTT). This LLT calculator (Wales) can help you understand the additional costs involved.
In Scotland, it's called Land and Buildings Transition Tax (LBTT). This LBTT calculator can help you understand the additional costs involved.
Powell Eddisons’ Conveyancing Services Harrogate
When you have an offer accepted on a property, both the buying and the selling processes (commonly known as conveyancing) can begin working towards a completion date. It is at this point you should look to secure the legal services of a conveyancing solicitor.
It is likely that you will need to regularly visit your conveyancing solicitor in person to hand over important documents. We advise finding one local to your current location to make this process easier - Powell Eddisons' residential property solicitors offer conveyancing services and have offices in both Harrogate and Leeds, so we can help you across a large area of the North of England.
Acting as your conveyancing solicitor, our job is to ensure that both the purchase of your new home and the sale of your current property is fully legal and that no nasty surprises pop up for you in the chain process. These surprises could include finding:
that your new property is on a short lease
that your buyers are complaining that you misled or deceived them somehow.
During the process, Powell Eddisons conveyancing services will help to manage your involvement in the chain, ensuring that everything happens as quickly as possible. Your dedicated solicitor will negotiate moving dates, exchange the contracts and transfer all the relevant money on the big day.
Contact our Residential Property Solicitors Harrogate
If you are looking at buying a new home, Powell Eddison are residential property solicitors and offer conveyancing services to help you when purchasing your next property. Call us today for a free initial consultation or to discuss our fees with our conveyancing solicitor team.
Our conveyancing solicitors can be contacted by calling our Harrogate team on 01423 564551 or our Leeds residential property solicitors on 0113 200 7480.
