What is an 'EPC', money laundering regulations and the present Stamp Duty levies?
It may have been some time since you last decided to sell or let your home, or you might be doing so for the first time. Either way, it is useful to know about some elements that have either changed or altered in recent years. Here are a few details which may help you through the process in today’s market.
The Energy Performance Certificate
You are required to obtain an Energy Performance Certificate for your home before it is marketed, whether it is available to sell or let. The ‘EPC' contains information about the property’s energy use and typical energy cost. The rating of your property has to be included in all forms of advertising undertaken. Listed buildings are exempt. We can help with any advice and can organise this for you.
Money Laundering Regulations
If you are looking to sell of let your home, you will now have to provide proof of identity and proof of residence. All estate agents have to see original documents as means of proof, whether it be a passport or utility bill. Copies are then retained on file. Strict processes are in place if any suspicions are aroused.
Stamp Duty – when does it kick-in?
On the 4th of December 2014 new Stamp Duty Land Tax rates were introduced. Stamp Duty is now only paid on the value of the property within the various threshold ranges so a buyer of a property valued at £200,000, for example, only pays Stamp Duty on £75,000 at 2% rather than on the whole £200,000 as under the old regime.
The property rates are:
Property Price Range – Stamp Duty Rate
- £0 - 125,000 - 0%
- £125,001 - £250,000 - 2%
- £250,001 - £925,000 - 5%
- £925,001 - £1,500,000 - 10%
- Over £1.5m - 12%
If you have not been involved in the property market for some time, the best advice would be to ask your local estate agent to run through the process from day one to the moment of completion, so you know exactly what is required and what to expect.
If you would like a market appraisal or advice regarding your property and the local market please contact your local Hamptons International branch..