|
Legal fees
In December 2005, the Legal Fees Tariff by which property transactions were set at a fixed percentage was abolished.
Legal fees for property transactions, like any other legal fee, are now discretionary in the legal service provider.
Although typically legal fees are based on an hourly rate, clients in property transactions prefer to have a quotation as to the fee involved in a particular transaction.
A quotation for legal fees can be provided by submitting your request using the fees quotation provider.
Stamp duty
Stamp duty is an indirect form of taxation levied by the States on the purchaser of property or a person wishing to borrow money against property and is based on a percentage, on a sliding scale, of the price paid or the amount borrowed.
Stamp duty can be calculated by submitting your request using the fees quotation provider or by using the attached tables as a general guideline:
| £0 to £50,000 |
0.5% |
| £0 to £300,000 |
£250 plus 1.5% above £50,000 |
| £300,000 to £500,000 |
£4,000 plus 2% above £300,000 |
| £500,000 to £700,000 |
£8,000 plus 2.5% above £500,000 |
| exceeds £700,000 |
£13,000 plus 3% above £700,000 |
| Plus £70.00 registration and Jurats fee |
First time buyer stamp duty on a purchase
Stamp duty is calculated in bands, dependant on the value of the property being purchased.
| Band 1 £0 to £300,000 |
£25.00 |
| Band 2 £300,000 to £400,000 |
Nil for the first £300,00 and 1% on any balance between £300.000 and £400,000
|
| Plus £70.00 registration and Jurats fee |
Stamp duty on on loans connected with a property purchase
The stamp duty is calculated as 0.5% of the ammount borrowed, plus £50 registration fee.
First time buyer stamp duty on loans
Stamp duty is calculated in bands, dependant on the ammount of the loan (provided that the purchase price of the property does not exceed £400,00).
| Band 1 £0 to £300,000 |
Nil |
| Band 2 £300,000 to £400,000 |
Nil for the first £300,00 and 0.25% on any balance between £300.000 and £400,000 |
| Plus £50.00 registration fee |
Land transaction tax
The land transaction tax is a tax levied on the purchaser of shares in a company where the shares represent exclusive possession of property. The ammount of tax mirrors the stamp duty payable on realty. First time buyers of share transfer property enjoy the same discounts of tax as the discount for stamp duty for first time buyers of realty.
Property Search Disbursements
It is customary as part of the Title Check procedure to write to the Parochial & States authorities and statutory service providers for details of Planning issues relevant to the property and for confirmation of mains services provided to the property. The various authorities and companies charge to reply or respond to the enquiry and their charges are disbursements charged to the buyer as follows:
Jersey Gas
|
£39.14 |
| Parish |
£25.75 |
Planning Department
|
£136.00 |
Transport & Technical Services Department
|
£44.60 |
Jersey Water
|
£30.90 |
Jersey Electricity
|
£30.90 |
| Total |
£307.29 |
|
