A forum for anyone looking to sell or buy a property privatelyhttp://www.qsell.co.uk/forum/list.php?3Mon, 06 Sep 2010 18:46:26 +0100 Phorum 5.2.7 http://www.qsell.co.uk/forum/read.php?3,12,12#msg-12 http://www.qsell.co.uk/forum/read.php?3,12,12#msg-12
Stamp Duty Land Tax when you buy property

You pay Stamp Duty Land Tax on property like houses, flats, other buildings and land. If the purchase price is £125,000 or less you don't pay any Stamp Duty Land Tax at all. If it's more than £125,000, you pay between one and four per cent of the whole purchase price.

Residential property - purchase price Rate of Stamp Duty Land Tax

up to £125,000 = 0%
£125,001 - £250,000 = 1%
£250,001 - £500,000 = 3%
£500,001 or more = 4%

Property in disadvantaged areas

If you're buying a property an area designated by the government as 'disadvantaged', you don't pay any Stamp Duty Land Tax if the purchase price is £150,000 or less.

To find out more about Stamp Duty Land Tax, including how you pay it and a link to HM Revenue & Customs' Stamp Duty Land Tax calculator, read our article 'Tax on buying property'.]]> michael Buying and selling privatelyThu, 01 May 2008 08:46:43 +0100 http://www.qsell.co.uk/forum/read.php?3,11,11#msg-11 http://www.qsell.co.uk/forum/read.php?3,11,11#msg-11
Whether you are a buyer, seller or both, in most cases you will want to hire a solicitor or licensed conveyancer as it can be complicated process.

The Law Society is the professional body for solicitors in England and Wales and they are bound by their code of practice. You can find a solicitor in your area that specialises in conveyancing on the Law Society website. You can also read its guidance about how to use a solicitor and what to do when things go wrong.

Finding and using a solicitor
The Law Society

Exchange of contracts and the deposit

At this point, all the solicitors in the chain will exchange the contracts they have drawn up for each property and then a date is fixed for the completion of the sale. This is the date that the property is legally yours and you can move in.

Normally, 10 per cent of your property purchase price will be needed in advance and paid at the exchange of contracts. You are also bound to go through with the purchase or lose the deposit.

Arranging the move

Once you have the completion date you can arrange the day of the move.

A removal company may often be the best way to move all your belongings, but do check your contract with them. If you can't get anyone to recommend a firm to you, contact the British Association of Removers.

E-conveyancing

Many people are dissatisfied with the present house buying system which can be plagued with delay and anxiety. The Land Registry is developing 'e-conveyancing', an electronic system for the buying, selling and registration of land and property in England and Wales to improve the process. To find out how the new system will work visit the e-conveyencing portal of the Land Registry website from the link below.

Land Registry e-conveyancing portal]]> michael Buying and selling privatelyWed, 30 Apr 2008 13:27:43 +0100 http://www.qsell.co.uk/forum/read.php?3,10,10#msg-10 http://www.qsell.co.uk/forum/read.php?3,10,10#msg-10
All estate agents are bound by the Estate Agents Act, whether or not they are registered with a governing body.

If you have a complaint about the conduct of an estate agent you can contact the OEA.

The OEA provides an independent service for dealing with disputes between estate agents who are members of the Ombudsman Scheme, and consumers who are actual, or potential buyers or sellers of residential property in the UK.

The OEA will advise on alternative routes to take if the estate agent you wish to complain about is not a member. You can also contact the council's trading standards department.

National Association of Estate Agents
Ombudsman for Estate Agents
Citizens Advice Bureau
The Office of Fair Trading: Using an estate agent to buy or sell your home
Estate Agents Act]]> michael Buying and selling privatelyWed, 30 Apr 2008 13:24:02 +0100 http://www.qsell.co.uk/forum/read.php?3,9,9#msg-9 http://www.qsell.co.uk/forum/read.php?3,9,9#msg-9
Tax on the sale or disposal of your main home

You do not have to pay tax as long as:

> you bought it, and made any expenditure on it, primarily for use as your home rather than with a view to making a profit
the property was your only home throughout the period you owned it (ignoring the last three years of ownership)

> you did actually use it as your home all the time that you owned it and, throughout that period, you did not use it for any purpose other than as a home for yourself, your family and no more than one lodger

> the garden and area of grounds sold with it does not exceed 5,000 square metres (about one and a quarter acres) including the site of the house
If you are married or in a civil partnership and not separated you and your spouse or civil partner can have only one such residence between you.

Even if all these conditions are not met, you may still be entitled to tax relief.

Tax on property that's not your main home

You will normally have a chargeable gain if your property is worth more than you paid for it when you sell or dispose of it. However, the first £9,600 of your total taxable gains are tax free (tax year 2008-2009).

It's worth bearing in mind that:

> when working out the chargeable gain you can deduct some of the costs of buying, selling and improving the property

> if you have made a loss on the property, you may be able to set that off against other chargeable gains you may have

> if you are living together you can transfer property to your husband, wife or civil partner without having to pay CGT, but if you give it or sell it cheaply to your children or to others, you may be liable to pay CGT

What paperwork do you have to keep?

HM Revenue & Customs (HMRC) recommends that you keep the following information and documents relating to the property:

> contracts for the purchase or sale, lease or exchange of the property

> any documentation that describes properties you acquired but did not buy yourself: for example, a gift or an inheritance
> details of any property you have given away or put into a trust
> copies of any valuations taken into account in your calculation of gains or losses
> bills, invoices or other evidence of payment records such as bank statements and cheque stubs for costs you claim for the purchase, improvement or sale of the property

It would also be sensible to keep correspondence with buyers or sellers leading up to the sale of the property.]]> michael Buying and selling privatelyWed, 30 Apr 2008 13:20:17 +0100 http://www.qsell.co.uk/forum/read.php?3,8,8#msg-8 http://www.qsell.co.uk/forum/read.php?3,8,8#msg-8
So how much is my home worth?

You can get an idea of the prices in your area before you sell by visiting the Land Registry website. Here you can see what is actually happening to average prices of property in England and Wales.

You can search for the latest house prices by:

property type and postcode
county
unitary authority

You can also find out average prices within Greater London by individual London boroughs.

Latest house prices from the Land Registry

Getting your property valued

However you decide to sell your home, you can get the property valued without obligation by local estate agents. It is best to get three valuations for a balanced view.

If you do want to sell through an estate agent, it may not always be best to choose the one that gave the highest valuation. You should get to know the local property market and sales prices before you make your choice. This will give you a realistic idea of how much your property could be sold for and avoid any long delays before your home is sold.]]> michael Buying and selling privatelyWed, 30 Apr 2008 13:16:58 +0100 http://www.qsell.co.uk/forum/read.php?3,2,2#msg-2 http://www.qsell.co.uk/forum/read.php?3,2,2#msg-2
I have always wondered why one needs an estate agent in order to sell or buy a property - surely all I really need is a solicitor or am I missing something here?

Regards

MM]]> mailme Buying and selling privatelyTue, 22 Apr 2008 07:34:32 +0100