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Solicitor: A lawyer regulated by the law society.
Stamp duty: This is a tax imposed by the government when you buy a house. If the house price is £125,001 or over, then the stamp duty will be payable on a sliding scale, depending on the purchase price. The percentage payable for stamp duty increases when the purchase price in over £250,000 and again when it exceeds £500,000. The three bandings are 1%, 3% and 4% of the total purchase price. There are some exemptions that apply to stamp duty details of which can be found on the Inland Revenue website.
Statutory Charge: A means by which the government recovers money spent on state funded cases (formally legal aid payments) by deducting the amount due from the property recovered by the claim.
Statutory Declaration: A statement made in writing and sworn before a person who has authority to administer it (e.g. a licensed conveyancer, solicitor, legal executive – sometimes referred to as a Commissioner of Oaths).
Statutory Declaration for Title rectification: A formal declaration by an individual explaining any problems associated with a property’s title and usually claiming the existence of rights acquired by the passage of time.
Sub-lease: A tenant can grant a sub-lease for a term that is shorter than the residue of his own leasehold interest.
