What is a transfer of equity, and do you need a solicitor? The conveyancing process for transferring equity in England and Wales involves the legal transfer of ownership or shares in a property from one party to another. This is typically done when...
The introduction of a ban on new leasehold houses would be a welcome step forward, however the feeling is that these changes simply don’t go far enough. A tentative shuffle in the right direction rather than a giant leap. Currently around 1% of new...
Buying a property can often be an exciting time. From house-hunting online to arranging those all-important viewings with the estate agent. But what happens once your offer has been accepted, and at what point will you get the keys to your new home? ...
Stamp duty has been a frequent topic of conversation in recent years when it comes to homes and the property market. But what is stamp duty, will the recent changes help or hinder prospective home-owners, and is there actually a stamp involved? History ...
It is a regular enquiry that you will see solicitors raise when purchasing a property: ‘When was the boiler installed and please provide an up to date gas service record’ . However why do we ask this question and why do we insist on it...
With the cost of living increase being at an all-time high (at its highest rate in 40 years) stepping on the property ladder as a first time buyer may seem more daunting than ever. For many first buyers, it is possible they will pay less in monthly...
Housing associations are already under considerable pressure to try and meet the shortages in housing stock. They face additional challenges with targets on net zero and remedial action following the Grenfell tragedy. This policy will not help fix the lack...
Earlier this year it was announced that a new Buying and Selling Property Information Form (BASPI) is in development. The form will contain all the information needed to sell a property in one place, improving the selling process and making transactions...
Buying or selling a house can be a stressful time and there can be several things that can cause the process to be delayed. Here are our top tips on how to make your house move go as smoothly as possible. Find the right conveyancer Your conveyancing...
Last year, the government introduced a stamp duty holiday in an attempt to keep the property market moving through the lockdown. The changes meant that some homebuyers were able to to benefit from a £500,000 tax-free threshold, up from £125,000...
Launched in 2013, the government’s Help to Buy equity loan scheme has enabled thousands of people to purchase a new build home with only a small deposit, with up to 20% of the property sale price covered by a government loan, or 40% in London. To...
Under normal circumstances, it is generally accepted that the conveyancing process can take between 6 to 12 weeks to complete, but the process can be complicated by many factors, including now, the pandemic. When it comes to buying or selling a home,...
After 7 weeks of restrictions, it was announced yesterday, that from Wednesday 13th May house moves can resume if the ‘step by step guidance’ outlined by the Housing Secretary is followed. The public have been told that moving home...
In April 2013 the UK government released a scheme that would help first time buyers and home movers onto the property ladder by making homes more affordable. The scheme allows buyers to purchase a property with the assistance of the equity loan which...
There are an estimated 4 million leasehold properties in the UK. As long as eligibility criteria are met, legislation makes it possible to buy your freehold. With a flat you are buying a share of the freehold and 50% of the other tenants would need to...
The latest house price data compiled by the Land Registry, showed an average annual house price increase of 2.2% in December, with all regions of the UK experiencing an uplift. The surge in house prices over the last few months can often be frustrating...
In December last year it was reported that England had had its fifth wettest autumn on record. Following these reports prospective buyers are being warned to be extra vigilant when looking to purchase a property that is close to a watercourse or has...
The ongoing fight against fraud is often at the forefront of our minds when it comes to banking, credit cards and, more recently, cybercrime. However, we don’t always think about property fraud and how criminals have sold or mortgaged properties...
Simply put, no. Whilst the phrase itself does derive from Latin origins, that is as flamboyant as it gets and it translates to “let the buyer beware”. It applies to all property transactions, which are contractual agreements....
First time buyers are being urged to take advantage of the government’s Help To Buy ISA (HTB) programme which will come to an end on the 30 th of November 2019. No new HTB ISA accounts will be opened after this date, and so with just over...
‘I am buying my first home through the HTB scheme and I wondered if the conveyancing was any different to the normal conveyancing process when buying on the open market’ So is it complicated? Will it delay things? Questions that we at...
Thousands of first-time buyers have been helped by the stamp duty exemption, according to new figures – but a drastic increase in affordable housing is still essential to help many more people get a foot on the property ladder. The...
Moving house is notorious for being one of the most stressful experiences you can go through; the effort that goes into it, along with it being a huge life change, can feel incredibly overwhelming. That said, with some careful planning and preparation,...
At Stephensons, we provide expert legal advice to a wide array of individuals who are looking to take advantage of the Help to Buy scheme to get a mortgage on a new property. Would-be homeowners can also to take advantage of a Help to Buy ISA to get on...
In late 2015, the government launched the Help to Buy ISA scheme, which will provide house-hunters with a boost toward their cash deposit if they are able to meet a suitable level of saving. As experts in residential conveyancing , we regularly help...
With warnings that in just five years’ time only one in five people under the age of 35 will be able to buy their own home, it’s no wonder that politicians are making their future housing plans key to pulling in voters in the run up to...
This first appeared in the Wigan Observer on June 24th 2014. Picture the scene: you put an offer in for your dream house and the seller accepts it, the house is now yours – subject to the legal completion of course. But for an increasingly growing...
This was first published in the Wigan Observer on the 29th October 2013 The second phase of the Government’s Help to Buy scheme launched this month. It’s been brought in three months earlier than previously planned and is aimed at speeding up...
This was first published in the Wigan Observer, 27th August 2013 Property column by Tom Bridge, managing partner of residential conveyancing at Stephensons Solicitors LLP The number of first time buyers rushing to join the property ladder is at...
Recently there has been an issue that is slowing the house-buying process and making buying a home costlier than it should be. When clients of ours want to buy a leasehold property (e.g. part of a block of flats), we must, as part of the process, seek...
For existing home owners and those with dreams of becoming home owners one day, the Budget 2013 provided some welcome relief to what is often an uphill struggle to find the hefty deposit now needed to get on, or move up, the housing ladder. In his Budget...
A recent report from the Legal Ombudsman - "Losing the Plot - residential conveyancing complaints and their causes" - expressed concerns about the rising level of complaints about residential conveyancing services. The Ombudsman insists that...
The Census figures released last week shows that the local population in Wigan actually grew in the last decade, by 5.4%, fuelling a demand for more housing. But what it also showed was that the number of households is rising. There are currently 23.4...
It happens to thousands of people every year, can cost them a lot of money and there is very little that can be done to stop it happening. Gazumping is a term used for the situation when a property seller accepts an offer from one potential buyer, but then...
When looking to buy a home, the first thing most people will, or perhaps should do, is contact their lender to work out how much they can afford to borrow. However, what they may not consider at the outset is what restrictions the lender may place on the...
The plight of first time buyers is back in the news as the Government has launched yet another new initiative aimed at helping them get onto the ladder. The Prime Minister David Cameron has announced a scheme that is aimed at helping around 100,000 first...
A new regulation which requires septic tanks to be registered will come into force from January 1st 2012. This new law will means that under the Environmental Permitting (England and Wales) Regulations 2010, householders with existing or new septic tanks...
Another property report from accountants PWC has painted an even more depressing picture of the future of the property market referring to a ‘mini ice age’ until 2020. The report suggests that, taking into account inflation, prices...
A recent report by Knight Frank provides a stark illustration of the dramatic differences in the residential property market between London and the South East and the rest of the country. Whilst central London has seen regular monthly prices rises and...
A revival in the numbers of buy to let properties being snapped up could be good news for the property market. The Council of Mortgage Lenders (CML) has said recently that they expect to see buy to let figures increasing over the course of the year as the...
As homeowners brace themselves for higher interest rates, remortgaging in the UK is at its highest level in almost 26-months, new figures have revealed. According to the Bank of England, in February, 35,725 loans were approved for people switching to a new...
First time buyers across the UK believe they could be as old as 40 by the time they make their first steps on the property ladder. Research by property website Globrix.com found that as many as 40% of aspiring first time buyers think they...
The tide of good news being pushed homeowners’ way in 2011 was boosted this week, as Nationwide revealed that house prices edged ahead by 0.3% in February The increase, which was only the second gain recorded since May last year, left the average...
The BBC2 series ‘Can’t take it with you’ has raised significant awareness of the need to plan properly for the future by making a Will. The series as a whole deals with the dilemmas people face when writing a Will and helps...
Some light is on the horizon for first time buyers struggling to get their first foot on the property ladder. Mortgage affordability for those looking to take their first steps onto the property ladder is at its ‘most...
Research by RICS – the Royal Institute of Chartered Surveyors – recently caught my eye because they uncovered that a quarter of all home buyers who did not have a sufficient survey conducted on the property they purchased, then had to pay...
You’ve found the property you want, arranged a mortgage you can afford… now comes the task of finding a solicitor who can deal with the legal aspects of your transaction. It can be confusing to know which solicitor to choose. Many home...
The Council of Mortgage Lenders most recent figures suggest that there will be 39,000 repossessions of homes by the end of 2010, a big drop from the 53,000 they previously expected. Whilst any fall in such a worrying figure is to be welcomed,...
A recent report that suggests the number of first time buyers is falling concerned me. The research by Rightmove said that 22% of potential buyers are looking to buy their first home in the next year, compared to 31% at the same point last year. ...
Our ‘topsy-turvy’ housing market seems to be continuing after a new survey from RICS (Royal Institute of Chartered Surveyors) showed that house prices are beginning to fall amidst a stalling economy. According to RICS, since July there has been...
For the second time this year, the Budget delivered surprises and extra tax implications for home owners. For private landlords with buy-to-let properties, the Government’s announcement on Capital Gains Tax meant they could breathe a slight sigh of...
When Communities Secretary Eric Pickles gave Home Information Packs (HIPs) the red-card last month, most people involved in the property industry – buyers and sellers included – gave a huge sigh of relief. HIPs were...
The lack of funding available for home buyers at the moment means that first time buyers have to be ever more creative in their quest to get on the property ladder. Some may be able to tap into the ‘Bank of Mum and Dad’ to get that...
The dust may have settled on this year’s Budget but the effects on families and home owners could be felt for a lifetime after major changes were announced to Stamp Duty and the Inheritance Tax threshold. We all know that the rise and...