The government will offer incentives to mortgage lenders in a bid to bring back 95% mortgages which have all but disappeared during the Coronavirus crisis.
The Chancellor, Rishi Sunak, is considering extending the stamp duty holiday for a short period according to a newspaper report today. The Daily Telegraph, quoting an unnamed government source, says the Treasury may extend the stamp duty holiday deadline of 31 March 2021 by as much as six weeks– taking it to mid-May. The move […]
The government has extended the deadline of the current Help to Buy scheme. COVID-19-related delays of up to eight months meant that buyers of yet-to-be-completed new build properties were at risk of being unable to complete on the purchase before the end of the Help to Buy Scheme. History of Help to Buy In the […]
Introduced last year as a response to the pandemic, the chancellor’s tax concession means no stamp duty land tax (SDLT) is paid on the first £500,000 of a property sale. However, all rates are set to return to their pre-pandemic thresholds on 1 April. For buyers this will mean the end of a tax saving […]
Delays in the building of new homes caused by the Covid-19 pandemic may mean thousands of property buyers will lose out if their homes are not ready before the end of the current Help to Buy loan scheme. The government launched the Help to Buy equity loan scheme in 2013 offering loans of up to 20 […]
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 […]
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 […]
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 […]
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, […]
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 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 […]
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 […]
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 […]
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.
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.
Many more families are going to court over the contents of a will.
The Government has kept its promise to review the amount a surviving spouse can inherit automatically and has raised the statutory legacy amount to £270,000.