UK conveyancing fees include all the different costs associated with buying and selling a property such as searches and the fees for the conveyancer themselves. Sometimes, conveyancing fees can also include stamp duty – if not, you will need to ensure this is paid separately.
What are the different stamp duty thresholds?
Stamp duty – or, to give it its full name, stamp duty land tax – is a tax that must be paid on every property bought in England, Wales and Northern Ireland that has a selling price of over £125,000. Non-residential properties have different thresholds and it can be important to remember this when it comes to conveyancing fees.
It makes no difference whether you are buying the property outright or obtaining a mortgage for the purchase and it doesn’t matter whether the property is freehold or leasehold; stamp duty will still need to be paid.
Any expert conveyancing solicitors will be able to give you all the information you need about stamp duty and how much you will need to pay. It all depends on how much the property sells for, as there are different stamp duty bands. Property costing up to £125,000 has no stamp duty payable on it. The next band is for properties between £125,001 and £250,000. Within this price bracket, you will be liable to pay a 2 percent stamp duty fee. For properties between £250,001 and £925,000 the fee is five percent. Properties between £925,001 and £1.5 million will have a 10 percent stamp duty rate, and anything over £1.5 million will have a 12 percent rate due to be paid.
UK conveyancing fees can be confusing and vary greatly. Property buyers could easily be put off, don’t be.
Visit Conveyancing Index at https://www.conveyancingindex.co.uk for a great way to compare conveyancing solicitors and their costs. Find the best deal and company for your needs.
For more advice, please contact us on 0203 874 2020.