Page 21 - June 2022

EXPERT ADVICE PENNYWELL LIVING BY URBAN UNION

Your most common property questions, COMING SOON
answered

Gavin Pearson, Director of Conveyancing Services at Mov8, answers the A selection of 2, 3 & 4 bedroom homes and 1 & 2 bedroom apartments.
most frequently-asked questions from buyers and sellers.

DO I HAVE TO PAY LBTT AS A FIRST- HOW DO I MAKE AN OFFER?
TIME BUYER? Engage an ESPC member firm and find out
It depends. Currently, purchase prices of £145,000 what information they’ll need from you. Any
and below do not trigger LBTT liability, and conditions of your offer, such as a mortgage,
first-time buyers in Scotland are exempt from or sale of a property, need to be disclosed and
paying LBTT on any purchase price between discussed. If you need a mortgage, arrange
and including £145,001 and £175,000. For first- a mortgage in principle, otherwise it might
time buyers purchasing above £175,000, there prejudice any offer you make.
is liability for LBTT – ESPC’s LBTT calculator can
help you do the sums. In the current market, it’s key to act quickly,
otherwise there could be other interest in your
WHAT ARE THE COSTS WHEN BUYING/ chosen property, meaning all you can do is note
SELLING? interest and wait for a closing date (when all
interested parties submit their best offer). Read
When buying, the typical costs include the
conveyancing fee and outlays, such as LBTT the Home Report and discuss any concerns with
(if applicable) and registration dues for the title your solicitor before deciding on your offer terms.
and mortgage deeds. For selling, the typical
costs will be estate agency fees and outlays, a WHY ARE PROPERTIES SELLING
conveyancing fee, search costs and registration SO QUICKLY, AND HOW I CAN BUY
dues. Contact an ESPC member firm for a quote. SUCCESSFULLY?
Many are reconsidering their living
CAN I OFFER ON TWO PROPERTIES AT arrangements post-pandemic, and are reluctant
THE SAME TIME? to put their property on the market until they’ve
Only if you can afford to purchase both! Until successfully offered for their next home,
missives are concluded, you’re not in a binding affecting stock levels. This means many people
contract, however, solicitors operate under can be competing for one property - very good
etiquette which makes an offer a serious news for sellers, but difficult for purchasers.
commitment by the purchaser. Any conditions
of purchase (such as needing a mortgage, or An ESPC solicitor will have excellent knowledge
selling an existing property) should be disclosed of current market conditions and can provide
when offering. valuable insights and advice. Also, consider
being flexible on property types and locations,
If you did wish to offer for two properties (for to give you the best chance of success.
instance, if they had the same closing date)
you’d need to decide which you preferred, and For more from Mov8, visit mov8realestate.com Find out more about our award winning specification
the other offer would need to make clear that or call 0345 646 0208. You can find a more Contact Irene on 07940 992182 or register your interest
it was subject to your first-choice offer not detailed version of Gavin’s advice on espc.com.
being accepted. at pennywellliving@urbanunionltd.co.uk
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