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.
The death of a loved one is hard enough in normal times but when you can’t get into the bank or speak to a customer service representative, it can make things even harder. During the current Coronavirus crisis, many bereaved people are struggling to register the death of a loved one due to council offices […]
As movers struggle to sell their old home during the lockdown, the government has extended the time allowed to reclaim stamp duty. Those who have moved to a property they considered their main residence before selling their previous main residence had to pay the higher rate of Stamp Duty Land Tax (SDLT) but if they […]
Lawyers have called for MPs to pass emergency legislation to amend the rules on witnesses but, more than two months into lockdown, there has been no change.
After almost two months in deep freeze, the housing market is open for business again, but this is not the housing market we knew before lockdown. The government’s re-opening of the market, came as a surprise to conveyancing solicitors, surveyors, estate agents, and removal companies, this has left them scrambling to put safety measures in place.
With a quarter of the UK’s population either unemployed or on furlough, many tenants are struggling to pay their rent. We look at what rights landlords have during this time.
Ministers updated regulation 6 of the Coronavirus Regulations to allow people to leave the house to undertake any of the following activities in connection with the purchase, sale, letting, or rental of a residential property:
In normal circumstances, a company will not register executors at Companies House until they are able to produce a grant of probate. Probate can take a long time sometimes years and in that time the business would be irrevocably damaged.
With most of the UK in lockdown registering a death can be difficult. You cannot register the death in person, instead councils are offering telephone appointments.
On the 26 March 2020, the government published guidance on moving home during the pandemic. While many have viewed this as a pause to the property market, it does not prohibit the marketing of properties.
Many more families are going to court over the contents of a will.