Adams Estate Agents & Residential Lettings
20 North Street
Winchcombe
Cheltenham
Gloucestershire
GL54 5PS

Tel: 01242 603601
Fax: 01242 603777
Email: Click here

Vat Number: 618210959

Buying Information

Stamp Duty Land Tax

This is a tax paid by home buyers based on a percentage of the purchase price of the property. The tax rates for residential properties were set in the March 2006 Budget and remained unchanged despite the subsequent rise in property prices that followed. The rates still apply as follows:

Purchase price up to £125,000	No duty payable
Prices over £125,000 and up to £250,000	1% of purchase price payable
Prices over £250,000 and up to £500,000	3% of purchase price payable
Prices over £500,000	4% of purchase price payable

NB:If the value/purchase price is above a payment threshold, SDLT is charged at the appropriate rate on the whole of the price paid. For example, a house bought for £180,000 is charged at 1 per cent, so £1,800 must be paid in SDLT. A house bought for £350,000 is charged at 3 per cent, so SDLT of £10,500 is payable.

Temporary Stamp Duty relief:

The lower stamp duty threshold was temporarly raised to £175,000 in 2008 until 31st December 2009 with the intendion of giving First Time Buyers and the market some help but this has now ended and rates have now reverted to the above leves. The National Association of Estate Agents has been lobbying for some time for this taxation on moving to be eased.

Surveys

Despite the introduction of Home Information Packs, at present the maxim 'Caveat Emptor' (let the Buyer beware) still applies to the UK housing market. The current Home Information Pack Regulations do not yet require Sellers to commission a report on the condition of their property prior to offering it for sale. We are be happy to recommend local independent surveyors to advise and report on your chosen property.

Financial Advice

Unlike some estate agents who may give you the 'hard sell' for insurance or financial services, Adams Estate Agents is an 'independent' firm. This means we are not owned by, nor tied to, any financial institution trying to tie you in to particular products. With the varied criteria and availability of mortgage and insurance products we recommend homebuyers obtain truly independent advice to obtain the best deals.

If you require advice with no obligation, Malcolm Simpson of Ashley Law PLC is a qualified Independent Financial Advisor (IFA) who can offer his unbiased expertise on the best mortgage and insurance arrangements to suit your specific needs from the whole marketplace.

To contact Malcolm telephone 01242 603601 or email malcolm.simpson@ashleylaw.com