T: 07856 591 522
Buying Costs - Gartloch Village
When you are looking at purchasing a new home, it is always a good idea to sit down and work out all of the costs that will be involved with additional outlays.
Builders deposit on conclusion of missive
Legal costs & outlays plus vat at 20%
Some banks and building societies may charge a product fee for setting up your mortgage; they may also add the cost of a surveyors report
LBTT; Land and building Transaction Tax which will be payable on a purchase above £145,000.
An example of LBTT;
Purchase Price; LBTT Rate
Up to £145,000 0%
Above £145,000 to £250,000 2%
Above £250,000 to £325,000 5%
Above £325,000 to £750,000 10%
If the purchase price is above the nil rate tax band of £145,000, LBTT is charged at the appropriate rate on the amount of the chargeable consideration within the relevant bands. For example a house bought at £280,000 is charged at;
*0% for the first £145,000
*2% for the next £105,000
*5% for the next £30,000
* This means that £3,600 must be paid in LBTT
Buying Options - Gartloch Village
Many people are looking to purchase a home, for some this will be their first home which can be a daunting thought not knowing what the process is, and where to start. There will also be second time buyers looking to move up the property ladder, and may have a property to sell.
At Gartloch Village you are in the best possible hands as we are fully trained to help you with your requirements whether it is to advise you on your next step with arranging to have your own property valued by local Estate agents, or perhaps Part Exchange or Assisted Move may be an option for you.
Gartloch Village will take you by the hand through the buying process, to try and make the process as easy and trouble free as possible.
We can direct you to a team of independent financial advisors who are new homes mortgage specialists. They will sit down with you and take you through all the options open to you.
New homes mortgage specialists offer a range of benefits and there is no cost for their service as they are paid by lenders. Their role is to find the best mortgage offer for you that is both affordable and fits your circumstances.
We can also give you details of solicitors who can help take you through the legal process in helping with your purchase.
Help To Buy Scotland may also be an option for you, here is an example of how Help To Buy Scotland may work;
Help to buy is a Government backed scheme to help buyers secure a mortgage on a new build home.
Help To Buy Scotland is an Equity Loan
This means that purchasers can own a home with only 5% deposit
Based on a home at £150,000
5% Deposit from You
Up to 15% Help To Buy Loan
80% Mortgage from bank or building society.
An example of this;
Purchase price of new home- £150,000
Deposit from Home buyer- £ 7,500
Mortgage from qualified Lender- £120,000
Scottish Government HTB of 15% £ 22,500
Help to buy Scotland offers up to 15% of the purchase price through an equity loan by the Scottish Government. The remaining 85% is made up through a 5% deposit contribution from the purchaser and 80% mortgage from a bank or building society.
2017/2018 The max purchase price on a home with HTB is; £200,000
2018/2019 The max purchase price on a home with HTB is; £200,000
You will need to make sure that you have funds to pay for the following additional costs;
A reservation fee, payable on reservation of your new home.
A builders deposit will be required on conclusion of missive, this will be a percentage of the price of the property that you are purchasing. The total of builders deposit along with your reservation fee will be deducted from the purchase price of your property on the date of settlement.
A deposit for lender, minimum of 5% if you are looking at Help To Buy.
Land & buildings transaction tax.
Solicitor’s fees, outlays plus vat.
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Peace of Mind
Buying a brand new home is an exciting experience and we aim to make the whole process as stress free as possible.
Buying a Gartloch Village home comes with peace of mind from knowing that there is a 10 year insurance backed warranty on your home.
Feel safe and secure in your new home as we build to a high standard for everything from structure to ventilation, sound insulation, electrical safety and fire safety.
T: 07856 591 522
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