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Financial Considerations

 

Stamp Duty Land Tax (SDLT) / Land Transaction Tax (LLT, Wales)

This applies whenever you purchase a new or existing leasehold on a property, a freehold, purchase through a shared ownership scheme, arrange a mortgage or buy a share. The current SDLT threshold for residential properties is £250,000. This changes on 1 October 2021 to £125.000 for residential properties. The Gov.UK website also provides a SDLT calculator for your benefit. This can be accessed at: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

In Wales the SLDT has been replaced with the Land Transaction Tax (LTT) and applies when you buy or lease property or land in Wales. The current LTT threshold is; £180,000 for residential properties (if you do not own other properties) and £225,000 tax for non-residential land and property.

Solicitors

Throughout the home buying process, you will be required to pay solicitor fees. Solicitors will coordinate all the legal aspects of the transaction on your behalf. You can find a suitable solicitor on the Law Society at: https://solicitors.lawsociety.org.uk/?Pro=True

Moving In

Once you receive the keys to your new home, you will likely require removal companies to assist you moving, as well as the setup of utility payments, energy, internet connectivity, TV and furnishing; all which can add up.