House Sales and Purchases

Law firm doubles house transactions as research says UK market on course to be busiest since 2007

May 26th 2021
 

A LEADING legal firm has doubled its number of house sale transactions over the past year, in line with a national trend in the property market.As research released today predicted that this year’s housing market is on course to be the busiest since 2007, Cartmell Shepherd Solicitors said its property department had seen a huge jump in transactions since last April. According to the property website Zoopla around 1.52 million…

New 95% mortgages for first-time buyers and existing homeowners

May 20th 2021
 

The government’s new scheme to help people buy a home with a 95% mortgage has now come into effect. Mandy Shum Conveyancer in our property team provides an update. It means buyers can now get on the property ladder even if they only have a 5% deposit. The mortgages are available to both first-time buyers and existing homeowners for houses costing up to £600,000. The government will offer lenders the…

Builders told to remove leasehold terms that trap homeowners

April 19th 2021
 

Two major home builders have been told to remove contract terms that mean leaseholders have to pay ground rents that double every 10 or 15 years. Elizabeth Crouch Associate Solicitor & Head of Residential provides an update. The Competition and Markets Authority (CMA) launched enforcement action against 4 housing developers in September 2020. These included Countryside Properties and Taylor Wimpey, for using possibly unfair contract terms, and Barratt Developments and Persimmon…

Stamp duty holiday extension welcome news for home-buyers …

March 3rd 2021
 

THE EXTENSION to the stamp duty holiday announced in the Budget today will come as a relief for home-buyers, says a solicitor at a leading legal firm. Jonathan Carroll who is a Director at Cartmell Shepherd Solicitors, said the extension of the March 31st deadline for three months would allow transactions currently underway to take place without the worry of paying the additional tax. The Treasury announced last July that…

Property: What is the different between Leasehold and Freehold properties?

January 1st 2021
 

Ownership of leasehold property is determined by the Lease entered into between the Landlord and the Tenant.   It means that the freeholder owns the ground and sometimes the structural parts of the building and the tenant owns the internal parts of the relevant property but sometimes the tenant does have responsibilities regarding repair and maintenance. For more FAQs see here

Property: How long does it take to buy a house?

January 1st 2021
 

It normally takes between 10 to 14 weeks to buy a house, sometimes even longer for a flat.   It can be quicker if you are buying a property at auction where you effectively exchange contracts at the auction and then there is normally four weeks in which to complete the purchase. For more FAQs see here

Property: What is the difference between exchange of contracts and completion?

January 1st 2021
 

At exchange of contracts both parties are bound to the contract and the buyer pays the seller a 10% deposit.   Completion is when you actually move home and at that stage the seller has to give vacant possession of the property to the buyer. For more FAQs see here

Government launches plan to build 180,000 new homes

November 23rd 2020
 

The government has launched an £11.5 billion programme to build 180,000 new homes across the country over the next five years. Mandy Shum Conveyancer reports. It’s hoped that the move will unlock a further £38 billion in public and private investment in affordable housing. New homes will be made available from next year. Around half of the new homes will be available for affordable home ownership, helping more people to…

Changes to shared ownership ‘will help more people buy a home’

November 11th 2020
 

The government is planning changes to the shared ownership scheme to make it easier for people to buy more of their own home, including allowing them to buy in 1% increments. Linsey Hayes Conveyancer provides an update. At present, they have to buy an increased share in 10% chunks, which can be as much as £45,000 each time. This process of increasing the stake until the property is bought outright…

Surge in house sales as stamp duty holiday comes into effect

September 28th 2020
 

There has been a large increase in house sales following the introduction of the Stamp Duty Land Tax (SDLT) holiday. By Sam Bulman, Conveyancer After a 14.5% rise in July, residential property transactions in August rose a further 15.6% as more people decided to buy a new home. The increase came after Chancellor Rishi Sunak announced a stamp duty holiday for residential properties worth up to £500,000, effective from 8th…

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