Flying Freehold
A Flying Freehold is that section of a freehold property that is either constructed over or extends into the neighbouring premises. Therefore the owner of the Flying Freehold is the owner of the section that is “flying” or extending above that of the neighbour but does not have any ownership of buildings or land which…
SDLT Notice
Conveyancing transactions have historically taken on average between 6 and 12 weeks. Due to the current position with regard to Covid and the Stamp Duty Land Tax changes the average timescale has increased to around 16 to 20 weeks. Although we will do all that we can to reach completion as soon as possible, unfortunately,…
Top tips for buying or selling a property
Buying Decide whether you want a flat or house. Think about where you want to buy. Check what the development proposals are for the surrounding area. Do you want to rent it out or live in it. Get a good conveyancer. Look around High Street estate agents and social media. Arrange viewings. Check the local…
What is a Transfer of Equity?
‘Transfer of Equity or Transfer of Title’ are terms used to refer to someone to the situation being added or removed from ownership of a property; this could be one owner adding a husband or wife, a parent, adding a son or daughter, or a separating couple removing one of them by agreement or under the…
Stamp Duty holiday
In the run-up to the end of the Stamp Duty holiday, it is likely that property transactions will become tense as parties endeavour to complete before the deadline. Rest assured we shall do all we can to meet this demand, but it may be at the expense of the frequent contact that would normally take…
Beware of who you sell to
Most buyers are genuine and have no hidden agenda but be wary of online companies which advertise that they will buy any property quickly. Although the conveyancing process may seem to be running smoothly, these firms have a habit of getting to the point of exchange of contracts and then deciding that an inspection of…
Stamp Duty – Bye for now
The Chancellor has announced an immediate stamp duty “holiday” for homebuyers. SDLT will not be payable for property purchases up to the value of £500,000 with immediate effect to run until 31 March 2021. For all your conveyancing needs and support please contact us on 01795 533337 and speak to our conveyancing specialists.
SOME GOOD NEWS FOR RESIDENTIAL LANDLORDS
When creating an Assured Shorthold Tenancy of a residential property the Landlord needs to provide specified information to the Tenant. Where applicable, this would include a current gas safety certificate. Where particular requirements apply but were not followed then the penalty could be an inability to serve a valid “Section 21 Notice”, which is the…
Amended Housing Guidance amid Covid19
The Government has issued new guidance for sales and purchases of property to enable these to go ahead in line with social distancing requirements. The new guidance can be accessed on the Government website. https://www.gov.uk/guidance/government-advice-on-home-moving-during-the-coronavirus-covid-19-outbreak New regulations have been brought in to make clear that people who wish to move home can do so. However, consideration…
Submission of capital gains tax returns for residential property
On 6th April 2020 the rules on submission of capital gains tax returns for residential property changed and UK residents who are individuals, trustees or personal representatives will be affected. Exemptions to reporting requirements include inter-spouse transfers. A report will need to be made within 30 days of completion of the transaction and late filing…