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Disbursement Information

 

Stamp Duty Land Tax

This is a tax on the purchase property. Stamp Duty Land Tax (SDLT) is payable is a duty levied on the transaction. Accordingly, all purchasers of property must now complete a declaration for HM Revenue and Customs giving details of the transaction. Further the obligation to pay SDLT is that of the purchaser directly, rather that the acting lawyer but due principally to the requirements of mortgage lenders, the applicable duty is payable to your legal representative on completion. Payment will then be made to HMRC following the filing of your declaration which is called a Stamp Duty Land Tax Return.

As an optional part of our services, we can complete the Land Transaction Return which is then sent to you for approval and signature (see your Quotation).

Following the latest changes to the law, the calculation of the Duty payable is quite complex . For information on the rates of duty and to use the HMRC Calculator please go to the following links for:

 

Land Registry Fees

This is the fee payable to The Land Registry (a Government Body) for the registration of the interest of a purchaser, tenant or any other party taking a transfer of land. In some cases it may also be necessary to register a plot of land for the first time. Whilst registration of a disposition of land is not strictly compulsory (subject to mortgage conditions) the implications of failure to register could mean the loss of ownership.

For further information about the Land Registry go to www.landregistry.gov.uk

 

Local Authority Searches

This is an application to the Local Authority where the property is located for certain essential information relating to such matters as Planning and Building Regulations, Local Authority Enforcements Notices, Listing of buildings, Conservation Areas, Tree Preservation Orders, Road Schemes, Contaminated Land and Radon Gas, among others. If you’re buying with a mortgage – you need one and even if you’re not, it would be very imprudent to decline such a search.

 

Land Registry Searches

There are essentially two types:

Official Search.

This is a search made at the Land Registry to obtain priority for a proprietor and lender between completion and application for registration. Without this priority a fraudulent seller might resell to a third party or mortgage the property within this time space.

Bankruptcy Searches.

These are required if a mortgage is to be secured on the property. They will reveal if a purchaser/borrower is or has been subject to Bankruptcy proceedings.

 

Land Registry Copy Documents

Because all title to land in England & Wales now exists in only an electronic form (the data of which is stored at the Land Registry) it is necessary when dealing with a sale or other disposition of land to obtain up to date copies of a registered title. It may also be necessary to obtain copies of other documents which are referred to in the register of a title, such as a Transfer Deed or a Lease. There are varying cost for these copies.

 

Bank Transfer Fees

Simply the fees for transferring funds from one bank to another. These are typically required to pay over the purchase price and to redeem mortgages. You may also require the proceeds of your sale to be paid into your bank