- What are the costs of
buying a house?
- What are the costs involved
in selling a house?
- Is there mortgage
relief on residential properties?
- Is there VAT on residential
property?
- Is there VAT on commercial
sales?
- What is the format for
buying and selling from start to finish?
- How do I qualify for the
first time buyers grant?
- How much of a deposit
is required?
1. What are the costs of buying a house?
a. Purchase price of property.
b. Stamp duty on the purchase price at various
rates.
c. Solicitors fees and outlays.
d. Engineering report on condition of property.(top)
2. What are the costs involved in selling
a house?
a. Auctioneers fees.
b. Solicitors costs in conveyancing.
c. Capital Gain Tax on disposal of the house
if not your principal private residence.(top)
3. Is there mortgage relief on residential
properties?
a. Mortgage interest relief only
applies to first time buyers.
b. If a person is buying a second house then
there is no mortgage interest relief on this
second house.(top)
4. Is there VAT on residential property?
a. There is no VAT on residential property.(top)
5. Is there VAT on Commercial property?
a. There is no VAT on residential property.(top)
6. What is the format of buying and selling
a house from start to finish?
a. The auctioneer will visit and inspect the
property and advise you as to its Open Market
Value.
b. Once instruction to sell the house has been
received the Auctioneer will carry out advertising
(brochures, press releases, Internet advertisements
etc).
c. A sign board will be erected on the property
(with your agreement).
d. The property will be sold Private Treaty,
Public Auction, or tender.
e. Once sale is agreed the purchaser is advised
to instruct an engineer to inspect the property
for structural defects.(top)
7. How do I qualify for the first time buyers
grant?
A buyer must satisfy
the following conditions:
a. Floor area of the house is under 1346sq.ft
b. The house is a new house.
c. The house must be used by the purchaser as
their principal residence and must not be used
for investment purposes.(top)
8. How much of a deposit is required?
a. Initial deposit of £1000 to £5000
will be required.
b. The normal deposit that is required is £2000.
c. On signing of the contract the purchaser
pays their solicitor 10% of the purchase price.(top)
|
