Buying a property

Buying a home is likely to be the biggest purchase you will ever make and an event that you will remember forever. Therefore, here are Bowyer Estates we want to ensure you have a hassle and stress free experience, filled with joy and excitement and with a professional service which is second to none from your first viewing, through to the collection of your keys.

Bowyer Estates offer viewings seven days a week and where possible after work viewings, as we appreciate that not everyone is available Monday to Friday. We will also help negotiate your purchase, put in you in touch with local mortgage advisors and solicitors if required and will work with you, giving guidance throughout the entire purchase process, with regular weekly updates on the sale process and appointments for further viewings, as we appreciate one is not always enough.

Here at Bowyer Estates, we are as positive about finding a property for our clients as they are and therefore our systems are modern and up to date and when new properties become available through ourselves, we will text, email and phone our buyers to ensure the right buyer is found for the right house, as quickly as possible.

We would also like to highlight that from April 2016, the new 'Stamp Duty' threshold comes into force on 'Buy To Let' properties.  Therefore, we are noting below for all parties information, the current Stamp Duty brackets and what they will be from April 2016, helping you budget accordingly with finances when looking to purchase a second property.

Buy-to-let and second home Stamp Duty tax bands Brackets          

                                                
Standard rate Buy-to-let/ second home rate (From April 2016)
Up to £125,0000%                         3%

£125,001 - £250,0002%      5%

£250,001 - £925,0005%      8%

£925,001 - £1.5m10%      13%

over £1.5m12%      15%


Rates on your first home

You can claim a discount (relief) so you do not pay any tax up to £300,000 and 5% on the portion from £300,001 to £500,000. You’re eligible if:

  • * you, and anyone else you’re buying with, are first-time buyers
  • * you complete your purchase on or after 22 November 2017

If the price is over £500,000, you follow the rules for people who’ve bought a home before.

Rates if you’ve bought a home before

Example - If you buy a house for £275,000, the SDLT you owe is calculated as follows:

  • 0% on the first £125,000 = £0
  • 2% on the next £125,000 = £2,500
  • 5% on the final £25,000 = £1,250
  • Total SDLT = £3,750

Higher rates for additional properties

Example - The SDLT due on a purchase of buy-to-let property for £300,000 that is liable to the higher rates, would be £14,000, calculated as follows:

Charge                                               SDLT due

3% on the first £125,000 =                   £3,750

5% on the next £125,000 =                  £6,250

8% on the final £50,000 =                    £4,000

Total SDLT due =                                £14,000

Source: HMRC (please always ensure your solicitor checks your stamp duty calculations for you, when agreeing a purchase)