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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
      MARKETING SUITE OPEN THURSDAY-MONDAY 10am-4pm
 20  |  espc.com                                                           espc.com  |  21
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