Looking for that perfect home can be a time-consuming process. Buying a home is not going to be something you do very often. So even if you like the first property that you see, property experts advise that you view several properties so you can develop a better sense of what is available, what you like and what you do not like. According to research by Which?, 60% of British homebuyers looked at five or more properties before deciding to buy. Property prices add an extra hurdle when buying your own home. You may see a home you like, but the price may be more than you can afford. Staying withi ..read more

With the average house price now being seven times an annual salary, it continues to become more difficult for first-time buyers to buy a property without help from parents or other relatives. If it were a mortgage lender, the Bank of Mum and Dad would be the ninth biggest lender, with 84% of parents helping their children to buy a property. According to the latest research, the Bank of Mum and Dad is expected to support almost half of all first-time buyers with gifts and loans worth £25 billion over the next three years. Although we call it the Bank of Mum and Dad, not only parents are helpin ..read more

If you are thinking about buying or selling a property, you may be asking how much it is going to cost. Conveyancing is a service, not a product. Consequently, the cost of conveyancing will be affected by the property price, the area, the conveyancer or solicitor and the amount of work required.     In a sample of 46 firms across the UK by Compare My Move, the average cost of conveyancing is £2,239 for buying a house and £1,690 for selling a home. On the other hand, research by Reallymoving puts the average conveyancing fee for buyers at around £500-£1,150 plus at least £700 for ..read more

As political commentary revolves around whether Liz Truss will survive as Prime Minister, one thing that has survived of her economic plan or “mini-budget” was the increased stamp duty thresholds. If you are looking to buy a property in England or Northern Ireland, you will not have to pay stamp duty on the first £250,000. That means, you will not have to pay any stamp duty if the property costs £250,000 or less. If the property costs more than £250,000, you will only have to pay stamp duty on the difference between the purchase price and £250,000. That is a maximum of £2,500 you do not need t ..read more

Usually, the person who transfers a property is the actual owner. But this is not always the case.  When the owner of a property has passed away, an intended beneficiary does not automatically take ownership of it. The property can only be transferred to an intended beneficiary by certain people. If the owner left a will, they should have stated in the will the name of an executor to whom they have given the responsibility to make sure their estate is distributed amongst the correct beneficiaries. If there is no will, or the deceased owner omitted to name a suitable or willing executor, t ..read more

The Leasehold Reform (Ground Rent) Bill introduces new law on ground rents affects leasehold properties. The government has effectively abolished ground rents for future long residential leases with its Leasehold Reform (Ground Rent) Bill. This means that the buyers of residential properties with a long lease – that is a lease of at least 21 years – particularly those on a new development, will no longer face demands for a ground rent. The Act received Royal Assent on 8 February and will become law within six months. Most property law experts are predicting it will come into force by 8 August ..read more

What is a Transfer of Equity? A transfer of equity is when there is a change to the ownership of a property. However, unlike in a sale or disposal of a property, in a transfer of equity one or more of the current owners will remain on the title. What is Equity? Equity is the market value of the property that you own less any debts/mortgages outstanding on it. It is the value of your interest in the property. Simply put it is the money that you will receive, if you were to sell the property. For example, if your property value is £300,000 and you have a mortgage on the property for £100,000. Th ..read more

A stamp duty land tax (or stamp duty) is payable by a purchaser of a property, commercial or residential, to HM Revenue & Customs (HMRC). The government’s annual income from the collection of this tax amounts to £12 billion, around 2% of the tax the Treasury collects. Understanding how stamp duty works is a key cost to factor in when looking to purchase a property. Your residential conveyancing solicitor will be able to advise you on how much stamp duty is payable. Who must pay and how much to be paid? The default position is that anyone buying a residential property is liable to pay stam ..read more

Buying a home involves many important steps. You must be careful every step of the way because it could well be one of the largest investments you make in your life. Priority search is one of the key steps that ensure the seller has the complete right to the property and notifies if anyone has made any charges or has any interest or rights on the property. The steps of conveyancing are often very complex; however, you can make it easier with the help of good conveyancing solicitors. In the process of conveyancing, there are some crucial points which you should miss out. One of those crucial p ..read more

An Englishman’s home is his castle and being able to buy your own house is a dream come true for most homebuyers. It is, however, often a mixed feeling of excitement and nervousness. Buying or selling a house involves complex legal formalities and paperwork where a simple error could cost you hundreds, if not thousands of pounds. What is the safest way to make the process hassle-free and risk-free? Of course, it would be hiring a specialist conveyancing lawyer who can handle the process from start to finish and take the burden and stress away from you. While there exists no question ..read more