The "mansion Tax" Explained - Cheap Conveyancing

By Author: Hinmek Thomas
Total Articles: 1
Comment this article

In the 2012 budget announcement, one of the big talking points in the media was the so-called mansion tax - an increased tax on the largest properties worth over £2million. In reality it is unlikely to effect the vast majority of the property market with only London thought to be a real victim of the 7% duty. Most properties in the UK will continue to benefit from the previous stamp duty rate and increasingly cheap conveyancing rates, in fact it was actually the end of the stamp duty holiday for first time buyers which is most likely to effect the UK market - although not the cheap conveyancing rates.

The stamp duty holiday, which has no effect on the cheap conveyancing rate because it is not calculated based on the value of the stamp duty tax but rather that of the property itself, is no longer provided to first time buyers. With interest rates at their lowest in years, government schemes and cheap conveyancing rates have all contributed to a rise in the number of property purchases but of these three, cheap conveyancing costs are likely to be the only one on a permanent basis. The reason for ...
... this is that unlike interest rates and the government schemes, cheap conveyancing has evolved naturally with the growing competition and the growth in online conveyancers all contributing to the increasingly cheap conveyancing.

The government schemes that have been introduced, such as the NewBuy scheme and the former stamp duty holiday for new buyers were introduced on a short-term basis to try and encourage buyers back into the market and stimulate the housing market, but are unlikely to be a long-term solution as the government will want to start taking their tax back once properties start selling again. We have seen this with the stamp duty holiday which has now ended and it would not be unexpected for the government to withdraw the so-called mansion tax in the future, or the NewBuild scheme. However, cheap conveyancing will remain for the foreseeable future as long as people continue to buy properties and require legal assistance in doing so.

You may be reading this thinking that the term cheap conveyancing is not very accurate, with even the cheap conveyancing firms costing upwards of £200. Granted this is not a small amount if you’re buying a coffee or going out for a meal, but when you consider that this amount is to cover all the legal costs and paperwork associated with the purchase of a house which is likely to be worth at least £100,000-£200,000, and you start to understand that relative to the value of the transaction - this really is cheap conveyancing. The reason it has become such cheap conveyancing is largely due to the growth of online conveyancing firms which has made cheap conveyancing a reality by increasing the competition amongst firms who would not normally offer such cheap conveyancing quotes and cheap conveyancing services.
Cheap conveyancing solicitors quotes from £99.99! providing efficient conveyancing services including No Completion No Legal Fee, with No Hidden Extras conveyancing. For more details on cheap conveyancing and conveyancingthan please visit our website.