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Some Other Buying Advice

About this guide

Buying a house comes with many stages and costs to factor in. it’s important to be fully prepared throughout the whole process, that’s why Compare My Move work hard to share the latest advice and tips for the buying a house process. 

  • 1. What is Stamp Duty?

    Stamp Duty Land Tax (SDLT) is a fee payable after purchasing a house. The amount you pay will depend on which UK country you live in and how much your house is worth. Stamp Duty is referred to as Land and Buildings Transaction Tax in Scotland and Land Transaction Tax in Wales.

    Remember to factor in the cost of Stamp Duty to your house buying budget as you will need to pay this upfront.

    Read this article
  • 2. What do I need to know about stamp duty as a first-time buyer?

    When budgeting to buy your first home, it’s important to include all the extra fees besides the initial deposit. It can be easy to forget the different costs involved, but one of the most important ones to remember is Stamp Duty. Stamp Duty is the tax you must pay when purchasing a property or land in the UK.

    Compare My Move has worked alongside property and finance experts to create this guide explaining what stamp duty is, why it’s important and how it relates to you as a first-time buyer.

    Read this article
  • 3. What is 'Sold STC'?

    Sold STC stands for Sold Subject to Contract and means that an offer has been agreed between the buyer and seller, but the contracts haven’t been signed or exchanged. If a property you want to make an offer on is Sold STC, you can still make an offer, but this will be classed as gazumping.

    Sold STC is common across the country but in Scotland, however, this stage does not exist as a contract is legally binding once an offer has been agreed upon by both parties.

    Read this article
  • 4. What is a local authority search?

    Local authority searches are a type of property search that your conveyancer will organise. The search will look into the local area and land where the house you plan to buy is.

    By having a local authority search, you will be made aware of any local issues that could affect the house and use it to negotiate on the price.

    Read this article
  • 5. Where can I get more space for my money?

    When you're looking to buy a house, having enough space within your four walls is vital: no one wants to pay for the privilege of living a cramped life. So where can homeowners get the most space for their hard-earned money?

    The latest data from property website Zoopla has revealed that the average property in Britain now costs £211 per square foot, an increase of 26% (£44) over the last five years. Using figures from Hometrack, Zoopla has found that in many areas of Britain, space is at an absolute premium.

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  • 6. What is indemnity insurance?

    Indemnity insurance is a protective insurance policy taken out during property transactions. It will cover you against any legal property issues that would be difficult to resolve. Although the chances are small that you encounter a legal defect, the price would be costly if you did.

    Compare My Move work with property experts to help keep you informed throughout the buying a house process. In this guide, we explain what indemnity insurance is, what the policy covers, how much is indemnity insurance and who has to pay.

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