With the UK average house price now £258,000, the furlough scheme coming to an end, rising energy costs, and the end of the stamp duty holiday, many fear the housing market will go from boom to bust. Early signs suggest this is not the case. While house price growth slowed in September to 0.1 per cent, areas of the country, particularly the Northwest, still appear to be an active market.
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A deed of variation (DOV) – is a legal document usually drawn up by a solicitor that allows you (if you are the beneficiary of an estate) to make changes to a will, in the name of the deceased, after their death.
When you set up the trust, you nominate trustees who will decide how to deal with the assets in the trust. The term ‘discretionary’ means that the trustees have no right to the assets until such time as they are appointed to them – in other words when the trust comes into effect on your death
It is not uncommon for clients that have written Wills with a firm to move house and relocate to other parts of the country. Due to these circumstances and the passage of time, clients may forget where their Will is stored or lose the copy of their Will, making it increasingly difficult for their loved […]
Those looking to secure a new mortgage are experiencing problems as lenders struggle with demand and deal with pandemic-related staff absences. Mortgage lenders are finding it hard to cope with the excess demand for their products as buyers try to complete on their house purchase before the stamp duty holiday ends on March 31. Stamp […]
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 […]
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, […]
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 […]
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 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.
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 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 […]
(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 […]
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.
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.