Longridge: 01772 783 314 | Garstang: 01995 602 129 | Lancaster: 01524 581 306 
 
Longridge: 01772 783 314 
Garstang: 01995 602 129 
Lancaster: 01524 581 306 

Posts tagged “Stamp Duty Advice”

At MG Legal, your Lancaster law firm, we are proud to be accredited by the Law Society’s Conveyancing Quality Standard (CQS). You may, however, ask what this means and why it is important? 
What does that even mean? The Solicitor said something about the thingy? MG Legal, Solicitors in Chorley, demystify Conveyancing jargon so you can concentrate of the important things. Like your other half talking gibberish about not moving on that day because “the football” or your mother telling you that the walls of your dream house should be magnolia white and your bathroom should, of course, feature snot green tiles. 
As a conveyancing client, the use of the Land Registry will, in all probability, not be something you are familiar with. This is, however, a very important part of the conveyancing process for your Lancaster law firm to deal with. The Land Registry are proposing big changes which, when effected, will not only affect your solicitors in Lancaster, Preston Law Firm, or your nearest solicitors, but will also affect your conveyancing Lancaster transactions. 
The Contract pack is a very important bundle of documentation that your conveyancing solicitors Preston require to carry out essential work as part of the conveyancing process. 
 
The solicitors in Longridge acting on behalf of the sellers will initially ask them to complete a number of forms providing information about the property that is necessary to draft the Contract itself, together with providing any relevant documentation relating to the property. 
Although, as your property solicitors Preston will advise, there is a duty on the seller to disclose any relevant information about a property they are selling - the general rule is known as ‘Caveat Emptor’. Essentially, this means let the ‘buyer beware’, and stipulates that the buyer should make the necessary investigations prior to Exchanging Contracts when buying a property. 
 
This brings us to the responsibilities of your conveyancing solicitors Preston who are on hand to ensure the integrity of, and make the necessary enquiries about the property being purchased. 
Recent changes to the Stamp Duty Land Tax system have produced massive benefits to first time buyers, with a total exemption of paying any SDLT on properties under £300,000.00 (See our ‘First Time Buyers – A Helping Hand’ blog for more information). Taking a different view, there are now questions as to the effects on those purchasing second properties, and many are questioning there is a need for review. 
 
Many people purchase second properties as an investment opportunity to be used as buy-to-lets, with others purchasing additional property for holiday home purposes and leisure. Records indicate that since the year 2000 the number of people purchasing more than one additional property has increased by 30%.  
 
But is this enough for our economy, and what are the effects? 
According to recent research, the number of people moving house is currently at an all-time high, at over 370,000.00. With the number of people moving home soaring, our conveyancing solicitors Preston are here to help with all of your conveyancing needs. 
The Autumn Budget of 2017 has lent a helping hand to first time buyers who may have once shied away from purchasing a property because of the Stamp Duty Land Tax implications. Read more about how this could help you purchase your first property. 

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