Author: numan
Is It Freehold or Leasehold?
Freehold properties are defined as any estate that is ‘free from hold’ of any entity besides the owner. Freehold estates enjoy free ownership for perpetuity and are able to use the land for any purposes (provided that the purpose complies with regulations.) Also, freehold properties are not fixed-term and they are therefore more favourable to buyers.
A leasehold estate is ownership of a temporary right to hold land or property in which a lessee or tenant holds the rights of ‘real property’ with a title from the landlord or ‘lessor.’ Leases can run for short or longer period of time, for example 99 or 999 years.
Do You Arrange for a Survey?
Versus Law Solicitors is not responsible for arranging for a survey to be completed on any property in the midst of a sale negotiation. Buyers will need to arrange for any property surveys to be completed.
How Much Will it Cost Me?
The cost of moving house does vary quite significantly. There are a number of factors that influence how expensive moving home is. However, there are some general guidelines to what homeowner should expect to pay.
Estate agents take a commission of between 0.75-3% of the property sale price to sell properties. Conveyancing typically costs £500 – £1500 (including VAT of 20%.) Additional significant costs include Stamp Duty Land Tax (SDLT), if you buy a property of more than £125,000. A valuation and surveying fee must also be taken into consideration, as should the electronic transfer fee and any removal costs.
Is VAT Charged on Property Rental Payments?
It depends on the individual property. Should a landlord have ‘opted tax’ for VAT purposes, rental payments will be subject to VAT, otherwise, rental payments are exempt from VAT. If your business is VAT registered, your costs will normally be higher, whether the landlord has opted tax or not. You can reclaim any VAT you pay, in the same way as you do for other business purchases.
However, if your business is not VAT-registered, or if you make VAT-exempt supplies, any VAT charged on rental payments will increase your costs.
Is It a Legal Requirement to Have an EPC?
If you are selling, renting or building commercial property, you need to have a commercial EPC. Should the building be split into sections with separate accommodate, for instance in an apartment block, each section or unit will require an EPC.
Is My Property Leasehold or Freehold?
Leasehold ownership simple refers to a lengthy tenancy (the right to own, occupy and use the property for a prolonged period.) This is known as the terms of the lease. Terms can range from a few years to 999 and within that period units (for instance, apartments within a building) can be bought and sold.
Freehold ownership means that the property owner has unequivocal ownership of the land and all the buildings on it. Freehold property owners are subject to fewer development restrictions, providing that they comply with planning guidelines and restrictions.
Is It Freehold or Leasehold?
Freehold properties are defined as any estate that is ‘free from hold’ of any entity besides the owner. Freehold estates enjoy free ownership for perpetuity and are able to use the land for any purposes (provided that the purpose complies with regulations.) Also, freehold properties are not fixed-term and they are therefore more favourable to buyers.
A leasehold estate is ownership of a temporary right to hold land or property in which a lessee or tenant holds the rights of ‘real property’ with a title from the landlord or ‘lessor.’ Leases can run for short or longer period of time, for example 99 or 999 years.
How Much Do I Have to Pay Upfront?
To engage the Versus Law’s conveyancing services, you online need to pay a small percentage upfront. Buyers will need to make a payment of £300. Vendors need only make a payment of £100 upfront.
How Long Does It Take?
In most cases, the conveyancing process takes between 6-12 weeks. However, this timespan does vary from situation to situation. Property sales that involve large, complex chains may take longer than 12 weeks. Conversely, a short or no-chain sale can be completed in a matter of weeks.