Commercial considerations and taking instructions

Before a solicitor can begin the conveyancing process on behalf of a buyer or seller, they will undertake certain checks to ensure they can accept the instruction. Next, a solicitor needs to ensure that their client understands the costs of the transaction and has made sufficient arrangements to finance it. This chapter explores some of the costs associated with a property transaction. including the three key taxes: Stamp Duty Land Tax ( SDLT ) and Land Transaction Tax ( LTT ); Value Added Tax ( VAT ); and Capital Gains Tax ( CGT ). It also examines how a buyer might use a mortgage to finance their purchase. This chapter is relevant to all freehold and leasehold Transactions.