Right to Buy (RTB) is back on the agenda for many council tenants following the increase in the amount of discount being offered since the Government’s decision to change the system April 2012. As of 2 April 2012, the discount has increased. Previously, the maximum discount ranged from £16,000 to £38,000, depending on where you lived. Now, the maximum discount is £75,000 for anywhere in England. The increase in the discount has meant that there has been an significant increase in the number of right to buy transactions.
When you accept your right to buy offer from the council and when you arrange your mortgage you will need to think about who is going to do the conveyancing for you. Basically you need to instruct a solicitor to deal with the formalities of the conveyancing process – approving the title documents sent by the council and acting for you and the bank or building society in the mortgage loan. This is where we come in. We specialise in dealing with right to buy purchases in Havering and Barking and Dagenham.
The first thing clients want to know (understandably) is – what is the cost? For clients purchasing from either the London Borough of Havering (Homes In Havering) or London Borough of Barking and Dagenham we offer a fixed price discounted service in relation to our fees. We will be happy to give you a specific conveyancing quote to confirm this – just telephone or email us and we will send one through to you.
Our fees are fixed are typically – assuming you need a mortgage:
- for your purchase transaction £899
- for sending bank transfers £30
- for acting for your mortgage lender £125
- for completing Stamp Duty Forms £100
- VAT on the above at 20%
Other Costs and Disbursements – these vary according to the circumstances but they typically are:
- Stamp Duty (see below)
- Land Registry £80-200 (depending on price of the property)
- Searches £450 in total (varies according to area)
- Priority Search £4
- Land Charges £4
- Identification Checks £12 each
Stamp Duty is charged at different rates depending on the price and location of your property –
- If the sale price is equal or less than £250,000 then there is no stamp duty to pay.
- If the price is between £250,000 and £925,000 the stamp duty is 5% of the price over £250,000
- You may also be eligible for First Timber Buyer Relief for property values up to £425,000 (so there will be no Stamp Duty to pay)
For a full quote please email Mark Sadler email@example.com Fred Rylah firstname.lastname@example.org or David Farr email@example.com or call 0708 757575