İngiltere Alım Satım İşlemleri

İngiltere Alım Satım İşlemleri


Property Purchase in the UK

The purchase of property in the UK is a simple process and normally takes 2-3 months to complete

in full.

Search and Offer

The initial stage is to find a suitable property and make an offer, usually through your real estate

agent. This offer does not legally bind you to buy or the purchaser to sell. (Please note that purchase

of property in Scotland has differing laws, which we can advise upon if required.)

After your offer has been accepted you should appoint an independent solicitor to act on your

behalf. The solicitor will arrange for a survey. A survey is strongly advised for early detection of

potential problems

Generally there are two kinds of survey.

A Full Building Survey: This will cost approximately £500 to £1,000.

A Basic Home Buyer’s Report: This is slightly cheaper at about £300 to £500

There are no set fees for surveys. It is always advisable to negotiate.

Conveyancing

The legal transfer of the property (conveyancing) is the next stage. Your appointed solicitor will

arrange this. There is no set fee scale for solicitors, so negotiation is advisable including

clarification whether VAT and disbursements are included in the upfront quotation. Conveyancing

proceeds through an exchange of notes between the seller’s solicitor and your solicitor. A “draft

contract” will be drawn up by the seller’s solicitor containing the price, information about the

seller’s deeds of title, etc.

Your solicitor will check this and negotiate with the seller’s solicitor. Searches, enquiries and

surveys undertaken on your behalf will include a Local Authority Search at the land registry, to

check that the property is not under threat from changes of boundaries or new development

construction and confirm security of title. Other enquiries will check on things like mineral rights,

flooding, pollution, etc. The seller must also provide an energy efficiency report.

Completion

Once all legal checks are completed, a final contract will be signed by both the seller and purchaser.

This binds both parties legally - the sale is legally binding. At this point a non-refundable 10%

deposit is paid to secure the purchase.

The transfer contract documenting the transfer of title deeds will next be prepared and signed by

both parties. A completion date will also be agreed upon. Between the contract signing and

completion date, proper arrangements with the Land Registry office are made: stamp duty and other

fees connected with registering are paid. Payments are now completed and the deeds are handed to

the new owner.

Legal Fees

Solicitors and conveyancers fees are based on the amount of time spent on the

transaction. It is generally negotiable and variable depending on the individual sale. Some solicitors

will quote a fixed amount while others charge a percentage of the sale price (around 0.5% to 1%).

Stamp Duty.

The buyer must complete, sign and lodge a Land Transaction Return together with the

Stamp Duty Land Tax (SDLT) within 30 days of completion.

STAMP DUTY ON RESIDENTIAL PROPERTIES

PRIOR TO APRIL 2016

PROPERTY VALUE, £ RATE

Up to £125,000 - 0%

£125,000 – £250,000 - 1%

£250,000 – £500,000 - 3%

£ 500,000 – £1 million - 4%

£1 million – £2 million - 5%

Over £ 2 million - 7%

STAMP DUTY ON NON-RESIDENTIAL AND MIXED-USE PROPERTIES

PRIOR TO APRIL 2016

PROPERTY VALUE, £ RATE

Up to £125,000 - 0%

£ 125,000 – £ 250,000 - 1%

£ 250,000 – £ 500,000 - 3%

Over £ 500,000 - 4%

Stamp Duty from April 2016:

Land Registration Fee

Land registration fee is around 0.05% of the property value.

LAND REGISTRATION FEE  2015

PROPERTY VALUE, £ RATE

Up to £ 50,000 - £40

£ 50,000 to £80,000 - £70

£ 80,000 to £100,000 - £120

£ 100,000 to £ 200,000 - £190

£ 200,000 to £ 500,000 - £ 270

£ 500,000 to 1 million - £540

Over 1 million - £ 910