Stamp duty, valuation fees and legal fees explainedPosted on June 1st, 2017
Are you looking for a new home in Cheshire? If so, you may have heard about our offer at our Mosaic development in Runcorn. We will pay your stamp duty, valuation fees and legal fees (up to £1,500*) when you reserve with us!
We realise that there is lots of confusing jargon used when buying a new build home, so we have decided to debunk the terms and explain them, so you know exactly what you will save when you buy a selected Seddon home in Runcorn.
1. Stamp duty
Stamp duty is a tax that is imposed on many legal documents. In the past, legal documents had to have a stamp attached to show stamp duty had been paid, but things are a little more modern these days!
When you buy a new home, you pay stamp duty land tax which is a one off payment. You only pay stamp duty on properties exceeding £125,000 and this is charged at 2% of the remaining cost. For example, Plot 100 at Mosaic is available for £127,950 so you will only pay 2% stamp duty on £2,950 as this is the amount exceeding £125,000.
2. Valuation fees
Mortgage lenders will carry out a valuation of a property to check how much the property you are buying is worth and how to establish how much they are prepared to lend you. As well as this, they commission a mortgage evaluation. Your lender will normally have a set price they charge for this.
3. Legal fees
When buying a new home and selling your existing property, you will need a solicitor or licensed conveyancer to carry out all of the legal aspects, such as sorting out the paperwork involved in mortgaging or remortgaging a property. Fees will vary on which solicitor/conveyancer you use and whether your home is leasehold or freehold (Pssst, great news, Plot 100 at Mosaic is freehold!)
We hope that’s made things a little bit clearer and your head isn’t spinning too much!
This offer is valid on selected 2 bed homes in Runcorn. Plot 100 has added value as carpets are included in the price too, now that’s a big saving! This home has spacious double bedrooms and is in a secluded position on the development, it also has a great sized garden which is perfect for family barbeques!
So, if you think this offer could give you a helping hand and you want to find out more, visit our website here or speak to a friendly advisor, who will happily answer any questions on 01925 839 504.
*Terms and Conditions apply.
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