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Conveyancing

SDLT 3% – residential

As we all know, an additional 3% SDLT will apply on residential purchases by individuals (buying a freehold or lease of at least seven years) of a single dwelling, if conditions A-D are met:

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Registration gap – invalid notice

Take great care when serving a notice during the registration gap (ie the period between the date when a client completes a purchase, and the date when the client is actually registered as proprietor at the LR). During that ‘registration gap’ the buyer will merely be an equitable owner – not a legal owner.

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Land Registry – private and confidential

Be very wary of marking any LR correspondence as ‘private’ or ‘confidential’. If you do that, then the chances are the LR will return the correspondence to you (or put it aside to see whether it can properly be scanned), which means it will not be deemed to have been ‘received’ by the LR – and that, in turn, may affect the priority of your application.

 

 

Overriding interest – ‘inspection’

However comprehensive the system of land registration, it is still possible to buy a registered plot of land and then discover that you do not have an unencumbered title. One way this can happen is through an occupier having an overriding interest.
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SDLT 3% – trusts

Additional 3% SDLT will apply on residential purchases by individuals (who are buying a freehold or lease of at least seven years) of a single dwelling, if conditions A to D are met:
Subscribers only...
 

SDLT 3% – residential

As is well known, the additional 3% will apply on residential purchases by individuals (buying a freehold or lease of at least seven years) of a single dwelling, if conditions A to D are met:
Subscribers only...
 

SDLT penalty – late documentation

What happens if the seller fails to return the completion document before the SDLT return filing date? In that situation, can the buyer avoid a penalty for late filing?
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SDLT 3% – annexes

Self-contained annexes included in the purchase of a house have now been removed from the additional 3% surcharge.
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SDLT 3% – trust

Whether or not a trust will pay the higher rates depends on whether the trust is a life interest or discretionary trust.
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SDLT 3% – companies

Modified rules apply when residential property is bought through a company. The starting point is that the company will pay the additional 3% if it buys a residential property (even if does not own another residential property). But, the additional 3% will not apply to a purchase by a company of a ‘higher threshold interest’ which is subject to the 15% flat rate charge (in other words, the SDLT rate remains at 15% – not 18%).
 


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