How to find a solicitor
Buying a new home means going through a number of legal processes, so you’re going to need an expert to help you along the way. One term you’re likely to come across is conveyancing – this refers to all the 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, is a tax you will need to pay when you buy 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 legally registering your home with Land Registry. HMRC will send out a certificate to complete this process – and they won’t be able to do this until you have paid your Stamp Duty.
Insurance for new homeowners
Insurance is designed to give you peace of mind and financial support when the unexpected happens. There are many different types available, so take a look at the different types of insurance available, before deciding how much cover you’re likely to need.
Budgeting for everyday costs in your new home
When you move into your new home, there will be a number of expenses to factor into your budget. Some of them 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.