GB Solicitors Ltd - purchasing FREEHOLD properties
| FREEHOLD residential property - Estimate for the cost of purchase | ||
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Click above for estimate |
Our fee | £--- |
| Land Registry searches | £--- | |
| Bank transfer fee | £--- | |
| Search Fees (approximately) | £--- | |
| Land registration fee | £--- | |
| VAT at 20% | £--- | |
| Total: | click price band |
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In addition to these expenses there will be tax to pay if the price exceeds £125.000. The rate of 1% applies to purchases up to £250,000 in value, 3% applies for properties priced from £250,001 to £500,000 and 4% for the properties priced from £500,001 to £1 million. The highest rate applies to properties over £1 million. Where completion is on or after 6 April 2011 the highest rate is expected to be 5% but, as with all taxes, the rates might change following the budget.
The tax is applied to the full value of the property so a purchase at £250,000 attracts tax of £2,500 whilst a purchase at £250,001 will attract tax of £7,500. See the separate notes relating to Stamp Duty Land Tax.
This page is for the purchase of dwellings only. If you are purchasing a commercial property, land or something more unusual please contact us to obtain details of our costs.
Professional legal advice for land and property owners in England.