How to find a solicitor
When you buy a new home there are a number of legal processes involved, so you’re going to need legal representation to help you along the way. One term you’re likely to come across is conveyancing – this refers to any legal and administrative work that’s needed to transfer a home from one owner to another. You have two options when choosing someone to deal with the legal aspects of buying your new home: a solicitor or a conveyancer.
Understanding Stamp Duty
Stamp Duty, officially known as Stamp Duty Land Tax (SDLT), is a tax that buyers must pay when buying a home valued at more than £125,000 if you’re a current homeowner, or more than £300,000 if you’re a first-time buyer.
This tax covers the cost of the legal registration of your home with the Land Registry. HMRC will send out a certificate to complete this process – and this will not be sent until you have paid your Stamp Duty.
Insurance for new homeowners
Home insurance is ofen a requirement as part of a mortgage offer, and it is designed to give you peace of mind and financial support when the unexpected happens. There are many different types of home insurance available, so take a look before deciding how much cover you’re likely to need.
Budgeting for everyday costs in your new home
When you moving into a new home, there will be a number of expenses to factor into your monthly budget. Some costs will need to be paid for monthly, while you might receive the bill for others on a quarterly or yearly basis. It’s easy to put together a budget, especially if you know how much you will need to pay out and when.