Here are some of the additional costs that you may need to consider when purchasing a property:
This one can’t be avoided. In Scotland you must use a solicitor to purchase a property. Here at Next Home we work in association with Next Law. Partners Laura and Crawford work tirelessly to achieve the best possible results for their clients! To find out more call them today on: 01738 70 72 74
Land and Buildings Transaction Tax (LBTT):
Don’t panic about this one! No tax is charged if you’re purchasing a property that costs less than £145,000. Although if you’re buying somewhere that costs more than that, the higher the price of the property the more tax you will have to pay!
You’re taxed on the difference between £145,000 and the cost of the property you’re buying. Charges start at around 2% tax on properties that cost between £145,00 and £225,000 right up to 12% on properties over £750,000. So, this means that on a property that cost £150,000 you will pay 2% tax on £5,000.
Great news for first time buyers though – the government have announced plans to increase the threshold to £175,000 LBTT tax free for First time buyers!
To find out more information about the cost of purchasing/selling your home call our team of experienced property experts today on: 01738 44 43 42 and we will be happy to help!