We pride ourselves in providing a bespoke and personal service to our customers – we specialise in finding you the perfect home. Come in and meet the team to start your journey with Luton Lets Squared.
The factors to consider when choosing your next property will include what type of property you want, what you can afford, and ultimately what is available. Most buyers’ decisions will be influenced to some degree by budget, location, style and size. Prior to beginning your journey, to ensure a smooth purchase transaction, if you are not buying outright you will require a mortgage which will determine how much you can spend. Having a mortgage agreed in principle will place you in a good position when it comes to offering on a property.
Once you have found your dream home and have had your offer accepted, you will need a reliable property solicitor or conveyancer to take care of the legal details. Once the memorandum of sale has been exchanged between both solicitors, the conveyancing process will commence and your legal conveyancer will guide you to an exchange and successful completion.
When buying a property we recommend you always check:
Stamp Duty Land Tax (SDLT). Is a mandatory tax levied by the Government which is payable by the buyer upon completion.
Significant changes into how the SDLT is calculated were introduced in 2014 where by the SDLT is calculated on an incremental basis as follows;
| Up to £125,000 | Exempt |
|---|---|
| The next £125,000 (the portion from £125,001 to £250,000) | 2% |
| The next £675,000 (the portion from £250,001 to £925,000) | 5% |
| The next £575,000 (the portion from £925,001 to £1.5 million) | 10% |
| The remaining amount (the portion above £1.5 million) | 12% |
Further changes were made which took effect in April 2016 which imposed a higher rate of SDLT on all purchases of additional residential properties. This is an increase of 3% above the standard SDLT rates.
If the purchase of the second property does not replace the main residence the increased SDLT will apply, however, if there is an overlap and the purchase eventually becomes the main residence purchasers will have 36 months to claim a refund from the higher rates paid.