As many will know only too well, buying a property is far from the most straightforward of tasks.
It’s exciting but fraught with worries, delays and frustrations, but ultimately your stress levels can remain more stable by starting out with quality independent conveyancing advice as a first port of call.
After all, buying a property is in all probability one of the most expensive acquisitions anyone can make, so experienced conveyancers who can tell you what you need to know, rather than what you want to hear is vital. Continue reading
Living in the most expensive and densely populated part of the UK as the capital and the South East, the subject of property is never far from many people’s minds.
Therefore, a call on the Chancellor of the Exchequer to scrap Stamp Duty to boost the economy is of great interest to more than just ourselves, as solicitors dealing with conveyancing in London.
Philip Hammond must scrap stamp duty on property sales to solve the housing crisis and boost the economy, claims respected think tank, The Adam Smith Institute.
The organisation said the tax, which raised £11.7billion last year stopped people moving jobs and kept them in houses too large for their needs.
It said that penalising older people for downsizing, stamp duty makes the number of larger homes on the market for growing families even smaller.
The Adam Smith Institute called on Mr Hammond to cover the cost of scrapping stamp duty by raising council tax on the most expensive homes.
A spokesman for the institute said Britain’s productivity problem is in large part a mobility problem as many cannot move to where the best jobs for them are because the houses aren’t being built, and it’s exacerbated by stamp duty keeping older people in family homes that are too large for them.
Interestingly, this comes on the back of a report earlier in the year by the London School of Economics and the VATT Institute for Economic Research saying the rate of home moving would be 27 per cent higher without stamp duty.
Currently the rates of stamp duty are:-
No stamp duty on property under £125,000
- £125,000 – £250,000 is 2%,
- £250,000 – £925,000 is 5%
- £925,000 – £1.5m is 10%
- Over £1.5m is 12%
It doesn’t take long to work out that it is a sizeable amount of money to find for people caught up in property transactions.
Whilst we suspect this is something that will not happen, we welcome all pro-active attempts to help the economy.
It certainly is a unique time we are living in and anything that can boost people’s lives is to be welcomed.
If you are thinking of moving home and need help and advice regarding stamp duty, or any other aspects of conveyancing, please call us at Pindoria Solicitors, we are happy to talk through your situation with you.
The importance of ensuring the legal work for property transactions is carried out to the highest quality has been illustrated recently with the prosecution of a law firm who didn’t take their responsibilities seriously enough.
The solicitor, who will not mention by name, had overlooked indicators of money laundering and accepted he had been ‘sloppy’ when he appeared at the Solicitors Disciplinary Tribunal, where he was fined £7,500.
This man has now had to deal with the shame amongst his fellow professionals as the news has been published in the legal media. It has been a sobering experience. Continue reading
Buying and selling property has always been a demanding process for all the parties involved. It seems a price is agreed for a property, and then the waiting game begins, where often nothing seems to happen for a good length of time, and understandably frustrations can mount.
Being property lawyers in London we watch with great interest all developments in the property market and a new report stating that bricks and mortar are at their slowest rate since 2013 really is par for the course.
House seller Rightmove’s statistics show prices sought by sellers had only increased by two per cent in the month to February 11, showing that the market seems to still be in a very stable place.
After all, we still have a growing property market and this is welcome in this time of uncertainty following the fallout after the Brexit vote last summer.
For many years property has been seen as a sound investment, but the government, last year made a controversial move, which made things a little more awkward. As conveyancing solicitors in London, we are being asked quite a lot about it because the landscape has changed so significantly.
The 3% duty is a loading on existing Stamp Duty rates, which took effect from April 2016 and applies to anyone that is buying additional residential properties anywhere in the UK , including Scotland, which announced a similar 3% surcharge in its own Budget. Continue reading
It’s a competitive world out there and this is especially so in the mortgage market. Every day many London people find a better mortgage deal to save them money and then start the process of re-mortgaging.
For us at Pindoria Solicitors being very experienced conveyancing solicitors in London, this is an area of expertise and one that is much called upon. After all, re-mortgaging a property gives people a huge amount of options. Generally, though it is done in order to raise finance or to take advantage of a healthy financial climate. Continue reading
As experienced conveyancing solicitors who have overseen countless happy house moves over the years, we feel it vital to highlight a problem in our profession, which the public needs to be aware of. The issue centres on a total lack of legal protection when couples get together and move into a home before marriage.
Unmarried couples need to take the right action to prevent acrimonious legal rows. If they split up before marriage, too many trusts that the course of true love will always run smooth and leave themselves open to a potential hideous property dispute. Continue reading
Being a solicitor is an occupation that carries great responsibility.
Despite being part of a heavily regulated profession, there are those who let lawyers down and if you cared to search the web for those of disrepute who have sullied our profession, you will soon find them.
However, being a trusted London solicitor is not a reputation that comes easily in an era where trust does not seem as straightforward as it once was.
Recent figures from the Solicitors Regulation Authority showing that conveyancing transactions are the most affected area under attack from cyber criminals, illustrates the importance of using trusted law firms.
Apparently, email hacks of conveyancing transactions have resulted in £7m of client losses reported in the last year and most crimes involves modifying emails directly, usually by hacking into the email system of an individual.
They then alter the client’s or conveyancing solicitors emails altering bank details, so funds go to the criminals. Scams of this sort often take place on a Friday, as this is the time that most completions take place, whilst it also buys criminals time as the weekend helps to avoid detection. Continue reading
Like all professions, the legal sector is always under scrutiny in this rapidly changing age.
This has been highlighted recently in The Law Society Gazette, which ran a feature about how according to the Competition and Markets Authority (CMA) ‘interested parties,’ are concerned the legal services sector is not as it should be.
It stated that people are finding their legal needs ‘unmet’ and when people do hire a conveyancing lawyer; the CMA thinks their methodology in finding one is flawed seemingly due to a lack of information. Continue reading
Any economic good news is to be welcomed and recent reports that monthly mortgage lending has hit a five year high certainly fit that bill.
The UK’s property market is certainly on the up again, which despite causing difficulties for those wishing to get on the ladder is generally good for the nation. The figures from the British Bankers Association showing August 2015 as being the best month for lending since August 2010. Continue reading
In the media there has been much speculation as to what way the markets would react depending on the recent General Election result. Continue reading
The new change in Capital Gains Tax is getting closer. Anyone who lives outside the UK and has a residential property in the UK either under their own personal name or by using an corporate entity is affected. Continue reading
Equity is a legal term for the monetary value of the property that you own. When you have outstanding mortgage to pay, part of the equity belongs to the mortgage provider and the amount that you have already paid from the mortgage is your equity. Continue reading
Pre-Contract stage – Freehold Sale/Purchase
The estate agent will send to the seller’s solicitor a memorandum of sale providing, amongst other things, details of the solicitors acting for the buyer. Continue reading