FAQs

Stamp Duty is payable to the Government on all homes with a purchase price of over £125,000. The amount will be based upon the selling price of your home.

Currently the scale charges are :

Up to £125,000 = Nil

£125,000 - £250,000 = 1%

£250,000 - £500,000 = 3%

£500,000 - £1000,000 = 4%

More than £1000,000 = 5%

First time buyers - up to £250,000 = Nil (up until 06/04/12)

NB - these figures are set by the Government, and are subject to change.
 

The solicitor's main job is to ensure a smooth transfer of the property and any fixtures and fittings agreed in the sale. He or she prepares the 'conveyance', which transfers legal ownership to you.

Always ensure that your solicitor is on the approved Law Society list, a copy of which can be obtained from your Town Hall or Citizen's Advice Bureau, or at http://www.solicitors-online.com Sometimes the best way of choosing a solicitor is to ask friends or relatives for recommendations. Alternatively look through Yellow Pages. Your Sales Advisor may also have a list of local solicitors. However please note that we are unable to make specific recommendations.

Before you appoint a solicitor to act for you, ask for a written estimate of all fees (including VAT) and details of all disbursements payable such as Local Authority searches, Land Registry fees and Stamp Duty.
 

Your solicitor will arrange for you to sign a binding purchase contract. At this time your agreed deposit will need to be paid. Lomond Homes will also sign the copy of the contract and send it to their solicitors.

Once these contracts are exchanged the transaction becomes legally binding.

If you are selling your present home, the timing of the exchange of contracts is finely worked out. It is your solicitor’s job to ensure that both sets of contracts - the sale of your existing home and the purchase of your new one - are exchanged simultaneously and a suitable moving day arranged so at no time do you become 'homeless'.

Sometimes it is not possible to co-ordinate the sale of your existing property and the completion on your new Lomond Home for the same day. In these circumstances you may have to consider staying with friends or family or living in rented accommodation until your new Lomond Home is ready.

There are many different types of mortgages available from a wide variety of lenders - including banks and building societies so consider carefully. Some mortgages can even be arranged over the phone or via the Internet. You may feel that you need to seek some expert advice so seek the help of a registered Financial Advisor, many of which are independent and are duty bound to give you objective advice about a number of mortgages that might suit your needs.

All financial representatives are bound by law to give the best advice for your needs. They must operate within the terms of the Financial Services Act (FSA) whether independent or tied.

Tied agents can only offer the products of the company with which they are linked, which in turn must be regulated by the FSA (Financial Services Authority).

Independent brokers can offer products from a variety of lenders. They must be authorised by the FSA (Financial Services Authority).