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IMPORTANT FACTS ABOUT BUYING A PROPERTY
Stamp duty, an indirect tax, is payable on the purchase price of your property at 1% between £120,000 and £250,000, 3% up to £500,000 and at 4% above that figure. This is paid on completion of the purchase via your solicitor, so make sure you budget for it in advance.
Solicitor's fees can be expensive. Make sure you get a quote in advance, so you can budget for these costs, which include third party 'disbursements*' for things like search fees.
Insurance for the building must be in place on the day you exchange contracts. Forget this at your peril. |