The Royal Institution of Chartered Surveyors (RICS) is urging the Government to introduce an emergency stamp duty holiday to help revitalise the post-pandemic housing market. This is a measure that we would certainly support.
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Associate Beth Heley in our Residential Property, Farms & Estates looks at the pros and cons of a simultaneous exchange and completion for residential property sales and purchases, as the country awaits guidance on easing the current lockdown measures.
The impact of the Covid-19 pandemic on the housing market has been widely reported, with a near complete halt on transactions during lockdown. This was undoubtedly frustrating for those keen to move but arguably even more so for individuals looking to reclaim an additional 3% of SDLT previously paid as a result of the higher rates now attaching to second homes.
Rishi Sunak is considering an overhaul to CGT which could lead to those with second homes and buy-to-let properties paying tens of thousands of pounds more in tax when they come to sell.
A long-awaited announcement has been made by Housing Secretary Robert Jenrick.
The SDLT Holiday explained:
A question frequently asked by landowners is what is the difference between an option agreement and a promotion agreement? And which should they enter into?
Question: My mother gave me Lasting Power of Attorney over her affairs. She appointed me jointly and severally with my sister, who lives in Australia. She now has dementia and needs to move into a specialist residential care home. We will have to sell her house to pay for her care fees. Can I do this on my own or do I need to involve my sister?
We often have clients wishing to buy small parcel of land from the local farmer to keep ponies or horses in, but they often don’t realise that there may be planning issues. Simply because…
Stamp duty can be the greatest cost in buying a property and if the sale price is on the stamp duty threshold then some sellers or buyers may be tempted to divide the purchase…