Self Build - Land Surveys & Stamp Duty

We are no longer accepting new applications for Self Build mortgages. The below information is provided to assist you with any existing applications.

Clients are strongly advised to obtain a survey of the land that they are proposing to buy. In addition a solicitor should be able to report on a number of issues concerning the suitability of the land for purchase, including:

• Checking what is likely to happen to land that is in the vicinity of the house
• Finding out if utilities (gas, water, electricity and phone) are connected or in existence nearby. If they are not connected, how easy would it be to do so, and what would it cost?
• Ensuring that the plot is not on a flood plain and be wary of any nearby streams
• Ensuring that brownfield sites do not present unforeseen problems that are connected to its previous use eg chemical contamination arising from a historic industrial use
• Checking that the land is not legally subject to any restrictive land covenants or ransom strips (where somebody retains ownership of a section of the plot) that materially affects its use or access.

Stamp duty land tax

If the cost of the building plot does not exceed the current threshold set by the government, Stamp Duty is not applicable. Where the threshold is exceeded, Stamp Duty will be levied on the amount by which the cost of the building plot exceeds that threshold.

Customers are advised to check the HMRC website to confirm the current threshold applicable.

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