The Tory government faces a backbench rebellion over the plight of residents stuck in blocks of flats who face crippling bills to remove flammable cladding. Backbenchers are calling for an amendment to make it illegal for housing developers to pass on remediation costs to leaseholders. They are close to obtaining the 44 Conservative party member signatures […]
A record number of people have set up buy-to-let limited companies in 2020 despite problems with the housing market caused by the pandemic. Landlords created 41,700 buy-to-let firms last year, a 23 per cent increase from 2019. The number of buy-to-let companies has more than doubled since 2016 following the government’s introduction of tax changes […]
The scandal over shoddy flat construction is causing the housing market to see flat sales drop. According to Land Registry figures, the housing market saw flat sales halve in 2020. Thousands of flat-owners are unable to sell their apartments following the scandal caused by the Grenfell Tower fire which killed 72 people. Following the disaster, […]
MPs have announced plans to prepare the housing market for a move from leasehold to commonhold ownership. The move could save those with shorter leases thousands of pounds. Former council tenants who bought their homes in the 1980s are likely to be among those who will benefit. How will the proposed changes solve the problems […]
Mortgage lenders may class you as a first time buyer if you have no property to sell and do not have a mortgage currently. While each mortgage lender may differ in their definition of a first time buyer, HMRC do not. When it comes to home much stamp duty land tax (SDLT) you will pay, […]
The government’s Help to Buy scheme is changing in England. The government launched the Help-to-Buy scheme back in 2013 to help homebuyers purchase a new build with a small deposit. Original Help to Buy The original scheme allowed house hunters to purchase a new-build property worth up to £600,000 with a 5 per cent deposit […]
Local authority search services are buckling under the strain of homebuyers trying to beat the stamp duty (SDLT) deadline. Local Authorities are warning they cannot complete searches in time for home buyers to benefit from the stamp duty holiday which ends on 31 March 2021. Stamp Duty Holiday The chancellor raised the stamp duty threshold […]
When the country went into lockdown in March, the property market ground to a virtual standstill but when it came back, it was with a bang. ITV’s Tonight programme House Prices: Is the Boom Real?, looked at the factors driving the boom and whether it is sustainable in the long run. Despite uncertainty around the […]
Solicitors applying for a Grant of Probate on behalf of a client, are reporting problems and delays with the Probate Service, part of HM Courts and Tribunals. The probate service has closed local offices and now uses regional bases to scan documents from people and solicitors who use the online form. At the same time, […]
It now takes an average of more than five months from agreeing a sale to completion, meaning if you are not in the conveyancing process already, you might miss out on the stamp duty tax break.
Years of promised reforms to leasehold homeownership have yet to materialise, but a series of reports by the Law Commission highlighted how the government might give leaseholders more control over their homes. What does leasehold mean? If your property is leasehold, you only have the right to occupy it for a given period. You are […]
The government is introducing new legislation in England and Wales that will allow people to witness a will signing remotely via a video link. The new legislation will not be place until September however the government intends to back date the law to the 31 January 2020. Why has the government introduced this change? Under […]
The earlier you plan your estate, the better. For example, if you die seven years after giving away money, that amount sits outside of your estate for inheritance tax purposes.
In a move that surprised many, Mr Sunak chose to include buy-to-let investors and second homeowners in the Stamp Duty holiday. Therefore, on a property worth £250,000 a buy-to-let investor would only pay 3% SDLT rather than an additional 2% on £125,000 of the transaction, a saving of £2,500.
The chancellor, Rishi Sunak, announced a temporary amendment to Stamp Duty rates on Wednesday. What is Stamp Duty? When you purchase land or property in England you must pay Stamp Duty Land Tax (SDLT) on the value of the acquisition. What is the change to Stamp Duty? From the 8 July, the Government has raised […]
With more than 9 million people receiving 80% of their wages and with the threat of future redundancies, your children may turn to you for help. If you are thinking of giving money to your children, here’s a handy guide to help you avoid the pitfalls of inheritance tax (IHT). One-off gift You can give […]
The number of wills challenged in the High Court hit an all-time high last year. The Ministry of Justice has released figures which show that claimants brought 188 will challenges to court last year. This is a 47% increase on the 128 claims made in 2018. Reasons for rise in number of will claims Lawyers […]
The Prime Minister, Boris Johnson, announced plans to revive high streets by making it easier to turn vacant shops into houses in a speech yesterday. Such a move might be a welcome boon to Southport with the once renowned Victorian boulevard of Lord Street now little more than a row of vacant buildings. In his […]
Delays and problems at the probate office are causing further stress and anguish to the recently bereaved. What is probate? When a person dies, the person named as executor in the deceased’s will need to apply for grant of probate before they can deal with the deceased’s finances and share out their assets. Are there […]
(HMRC) assess Inheritance Tax on the value of a person’s estate on the date of their death. In some circumstances an asset can lose value – particularly stocks and shares – before an executor can sell the asset.