With effect from 1 October the fee structure for the SDLT planning has changed.
Fees – Change of payment split
The fee scale of 1.5% of the purchase price will remain the same but the fee terms will change to 50% initial (0.75%)and 50% (0.75%) upon success. but the minimum entry level is reduced to £400,000. The upfront fee becomes payable upon completion, improving cash flow for everyone.
Fee and Cost Insurance
The providers have put in place insurance, written specifically to accompany the stamp duty planning. It can be used to cover ALL the clients set up fees in the event planning is unsuccessful. This is not compulsory but highly recommended. Every client engagement will be despatched with the policy details (application form, schedule, key facts etc.) and it is up to the client to put the cover in place by following the instructions on the application.
The client is the insured with their own policy document direct to the insurer. The policy
insures the outcome, not the process of enquiry as we address that under our engagement. The client can set the cover limit as they wish and can include our upfront fee, additional legal fees, additional disbursements and the insurance premium.
The process reflects the fact that neither we, nor you, give advice on the insurance and this is the responsibility of the insurer. We are merely providing the details for the client to act upon if they wish. Upon signing our engagement clients are asked to confirm they have received the insurance documents and indicate their intention towards taking it.
The insurance process is very simple and easy to understand. We took extreme care to ensure we would only offer something that our mutual clients could genuinely rely upon. The fact that we have achieved the terms we have for our clients endorses the strength of our SDLT planning and most importantly its ability to succeed, after all, this is what the insurer is backing.
New Minimum Purchase Price
As a result of clients being able to underpin their set up fees to enter planning we have decided to lower the minimum to
£400,000.
Please note we provide
specialist conveyancing service for the Stamp duty reduction to work
