Category: Moving Home

Brexit scales

Right To Buy: A £6.2 Billion Public Loss

A prominent feature of Thatcher’s 1979 Conservative manifesto, Right to Buy launched in 1980 as a way to springboard hard working people who before had only been able to rent from the Local Authority. Overnight, the dream of home-ownership which for some seemed so far away became a reality. That has continued throughout the decades…

New build terraced homes

10 Bizarre Things That Can Affect Property Value

Is something holding you back during the purchase of a house sale? Is it mentioned in the list below? Here are 10 bizarre things that can affect a property’s value: 1.    Is it a Road, Street, Avenue or something else? It sounds crazy but the name of your street can affect your home’s value and desirability!…

Beach workers

Mining Searches

Mining Searches are largely something we take for granted in the Yorkshire area, but they’re extremely important for both you, the mortgage lender and indeed the current occupiers of the property. It’s estimated that around 18% of residential property in Yorkshire is impacted by the mining legacy. That’s a substantial amount of homes so it…

New build terraced homes

How Will You Be Affected By The Latest Interest Rate Rise?

We knew it was coming and yesterday it finally happened. The Bank of England has raised the base interest rate from 0.5% to 0.75%, in a move widely expected ever since the first rise in ten years that came in November 2017. At that time, the interest rate rise was seen as a way to…

New build terraced homes

Buying A New Build Property Advice

Buying A New Build Property Advice New build homes are often seen as the perfect option when seeking to buy a property, particularly if you are a first time buyer or don’t have a lot of money or time to spend on home improvements. Benefits Of Buying A New Build Property There will be no…

House keys

Low Deposit Mortgage Deals Hit a Ten Year High

Increasing confidence in the property market has led to a further boost for first time buyers, with 95% mortgages making something of a comeback.  It’s not all good news though, especially for buyers who can only afford a small deposit, reports the BBC. Since the 2008 financial crash, the number of 95% loan-to-value mortgages offered…

New Build Property

New Build Property Department Plans for 2018

Our New Build Property Department is looking forward to another busy year. With the upturn in New Build property purchases continuing last year, we are receiving increasing numbers of instructions from both purchasers and developers, seeking our specialist help in this field. Government schemes help the New Build sector The Government has done much to…

New build terraced homes

When do I Need to Pay Additional Stamp Duty?

1st April 2016 saw the introduction of a controversial amendment to the rules relating to Stamp Duty, resulting in one of the busiest periods ever seen in our Residential Property department as buyers sought to complete before the changes took effect. A recent blog post detailed the new rules for first time buyers- but how…

Victorian terraced homes

Changes to Stamp Duty for First Time Buyers

In today’s budget, the Chancellor of the Exchequer Philip Hammond announced that, with immediate effect, Stamp Duty Land Tax has been abolished for First Time Buyers buying properties in England Wales and Northern Ireland that will be their main residence and costing up to £300,000. This represents a potential maximum saving of £5000 (based on…

Rising Interest Rates

Landmark Interest Rate Rise – What Does This Mean For You?

This week has seen a predicted Bank of England rise in interest rates, for the first time in ten years. The official bank rate increased from 0.25% to 0.5%, a reverse of the cuts made last year in the wake of the vote to leave the European Union. Whilst savers will see a modest rise in their…

Contaminated Land

The importance of Contaminated Land & Enviromental Searches

Amongst the queries we receive from clients in relation to searches, we are often asked about the position in relation to contaminated land. Here, Ashley Mallett, a Solicitor in our Morley office, looks at the topic in more detail. What is contaminated land? Contaminated land is just one of several risks which are included in…

Gifted Deposit

The Bank of Mum & Dad, (and Nan and Grandad)……How do Gifted Deposits Work in Practice?

Due to the continuing increase in property prices many people – generally First Time Buyers – are now reliant on help from the ‘Bank of Mum and Dad’ or another family member to help them get on the property ladder. Here Iain Gardner, a Residential Property Executive in our Morley branch, looks at what you…

Couple standing in from of home outline

Help To Buy Scheme Ends – What Now For First-Time Buyers?

The Government’s Help to Buy Scheme was launched in 2013 to a chorus of disapproval but it ended on New Years’ Eve 2016 – as was always the plan – with most critics conceding that it had achieved its main aims. But where does it leave first-time buyers now and what options do they have?…

Moving day

A Simple Guide To Moving House

Everything is signed and sealed, you have a completion date, finally things are coming together and your dream home is just a few days away. Of course, you have been planning this for months and months, but our resident property experts David Bancroft and James Smith have collaborated over an essential house-moving guide, which pulls…

Sold

Buying Property at Auction

There are many reasons why a property is sold and purchased through an auction; the value of the property might be difficult to establish, the property might require substantial improvement work or the property may require planning consent in order to be used, this list continues… Selling a property at auction provides certainty and efficiency;…

Documents explained

Covenants On A Property Explained

What is a Covenant? A covenant is a provision, or promise, contained in a deed to land. Land may be subject to a covenant which affects or limits its use. This is known as the burden of a covenant. A covenant may give a landowner some say over what is permissible on neighbouring property. This…

Buyers to be warned of mortgage ‘worst case scenarios’

Buyers to be warned of mortgage ‘worst case scenarios’

It means lenders will have to show the maximum interest rate they have charged in the last 20 years. A statement from the European Parliament says: “Anyone signing up for a mortgage in the EU should receive comparable information about the products available, and understand the total cost and long-run financial consequences of taking out…

Highest number of home buyers for four years

Highest number of home buyers for four years

The biggest increases in activity came in the West Midlands and the North East, which were among the areas worst affected by the market crash. However, every area of the country saw significant growth. The RICS figures are based on buyer activity in July, when it says house prices rose across the country at their…

House prices increasing ‘at fastest rate for three years’

House prices increasing ‘at fastest rate for three years’

The Halifax survey found that prices in the three months to the end of June were 2.1% higher than in the previous quarter and 3.7% higher than in the same period last year. Halifax spokesman Martin Ellis said the increases are the highest we’ve seen for three years. He said: “Activity has also improved in…

Number of tenants buying council homes more than doubles

Number of tenants buying council homes more than doubles

Right to Buy offers eligible tenants discounts of up to £100,000 in London and up to £75,000 in other areas. The latest figures show that the number of homes sold between April 2012 and April 2013 reached 5,942. That’s more than double the number sold in the previous year and the highest since 2007. A…

Levy change could make it cheaper to build your own home

Levy change could make it cheaper to build your own home

Under the current system, new homes above a certain size are subject to the Community Infrastructure Levy. The levy allows councils to raise funds from developers undertaking new building projects in their area. The money raised is used to fund the infrastructure needed to support the development and to support local communities. Ministers say individuals,…

Homeowner compensated after house purchase falls through

Homeowner compensated after house purchase falls through

The buyer had argued that forfeiting his deposit should be adequate compensation, but the Court of Appeal disagreed. The case involved a buyer who agreed to purchase a house and complete by 30 June, 2008. He failed to do so. The seller put the property back on the market but was unable to find another…

Budget offers two schemes to help homebuyers

Budget offers two schemes to help homebuyers

The measures were announced in the Budget. The first scheme is called Help to Buy: equity loan, and applies to new build properties only. It expands the existing First Buy scheme and is now available to everyone, not just those buying their first home. To qualify you will need a minimum deposit of 5%. The…

House sales rise as number of first time buyers hits 5-year high

House sales rise as number of first time buyers hits 5-year high

Its figures show that there were 216,200 first-time buyers in 2012. That was the first time the annual total exceeded 200,000 since 2007. It was also a 12% increase on the 2011 figure of 193,000. In further good news for the housing market, the Royal Institution of Chartered Surveyors (RICS) reports that the number of…

Reductions in asking prices for homes at a two-year low

Reductions in asking prices for homes at a two-year low

Its research shows that 32.8% of properties on sale in November had seen a price reduction since first being put on the market. That was down from 40.4% in November 2011. Lawrence Hall, a spokesman for Zoopla, said: “The proportion of properties that have seen their price reduced and the average amount of the discount…

Government to cut red tape on home improvements

Government to cut red tape on home improvements

Planning Minister Nick Boles said that for a limited time, red tape will be slashed and unnecessary rules and bureaucracy will be removed in order to make the system more efficient. He said the majority of planning applications are uncontroversial. Nearly 90% of requests are approved every year but the process takes up a lot…

Could someone gain a right of way over your property?

Could someone gain a right of way over your property?

So how many times do they need to cross the land to establish such a right? A recent case involving a landowner and his neighbour suggests that even infrequent use may be enough if it remains unchallenged over several years. The landowner’s property contained an unregistered track that was wide enough for a car to…

Estate agents face prosecution over misleading information

Estate agents face prosecution over misleading information

In the brochure they described the house as a “charming period, detached family house…set within superb gardens of approximately three-quarters of an acre”. The gardens were actually only 0.4 acres. The estate agents had relied on the vendors of the property for details of the house rather than taking their own measurements. Their description in…

Low deposit NewBuy Guarantee homes still available

Low deposit NewBuy Guarantee homes still available

The scheme was set up in March to help people buy a home by providing 95% mortgages on newly built properties. It means that instead of a typical buyer having to provide a deposit of £20,000 on a £100,000 home, which many lenders demand, they only have to provide £5,000. It’s ideal for people who…

Home Sellers urged to be realistic about prices

Home Sellers urged to be realistic about prices

The latest UK Housing Market Survey by the Royal Institute of Chartered Surveyors (RICS) says that interest from would be buyers held firm in July despite the bad weather. However, the number of homes being put up for sale continued to fall with fewer vendors wanting to test the summer market. The Nationwide building society’s…

Homeowner awarded compensation for tree root damage

Homeowner awarded compensation for tree root damage

The property backed on to a local authority park which contained some poplar trees at a distance of about 30 metres. In 2003, the homeowner noticed cracks in the walls at the back of the house. More cracks appeared in 2006. Both engineering and arboriculture experts agreed that the damage was caused by tree roots…

Should you help your children buy a home?

Should you help your children buy a home?

It makes grim reading for both generations and it is little wonder that many parents feel compelled to help, but they need to think carefully before going ahead. Everyone’s circumstances will differ but as a general rule, parents should avoid dipping into their retirement funds to help their children. A lot of things can go…

Could you lose property rights to adverse possession?

Could you lose property rights to adverse possession?

It may seem unfair that someone could claim ownership of some of your property without paying you anything but it happens surprisingly often. All it takes is for them to use it without your permission and without you challenging them for a set period, usually 10 years. One recent case involved a couple who owned…

Want a bigger home? Newbuy Guarantee may help

Want a bigger home? Newbuy Guarantee may help

The scheme was originally aimed at first time buyers. It’s backed by the Government, construction firms and mortgage lenders. It aims to make it easier for people to buy a home by providing 95% mortgages on newly built properties. It means that instead of a typical buyer having to provide a deposit of £40,000, which…

Judge criticises neighbours for ‘absurd’ boundary dispute

Judge criticises neighbours for ‘absurd’ boundary dispute

The dispute between Darren Aston and Emma Durdenfrom Solihull lasted four years and was based on 45-year-old planning documents. The disagreement was over the boundarythat separated the properties and was represented on the plan by a 1.2mm thick red line. Mr Aston wanted to extend it away from his property by 2½ feet, which would…

Right to Buy discounts of up to £75,000 now available

Right to Buy discounts of up to £75,000 now available

The revamped Right to Buy scheme came into effect on 3rd April and provides some tenants with discounts that are three times higher than were previously available. Up to 2.5million tenants could benefit. The Government has pledged that homes sold under the scheme will be replaced by new properties for rent to ensure that there…

Assert your property rights or you may lose them

Assert your property rights or you may lose them

Failure to do so could result in you losing ownership, as happened in a recent case before the High Court. It involved a couple who owned a piece of land close to their home. A neighbour started to use this land to park his car. The couple did not challenge this. The neighbour then fitted…

Judge urges neighbours to avoid costly boundary disputes

Judge urges neighbours to avoid costly boundary disputes

Lord Justice Mummery’s comments came after the end of a long legal dispute between two neighbours over a small strip of gravel between their homes. The details of the dispute are less important than the fact that Lord Justice Mummery felt the cost of legal action for both sides was out of all proportion to…

Government widens its search for land to build new homes

Government widens its search for land to build new homes

HousingMinister Grant Shapps recently announced that he wants local authorities and Government departments to release enough land for 100,000 homes by 2015. He said the Government had already found enough land for 80,000 homes and more plots were still being identified. He said he was also looking outside Government departments and was working with organisations…

Stamp duty holiday for first time buyers coming to an end

Stamp duty holiday for first time buyers coming to an end

The scheme was introduced by the Labour Government in 2010 as a way to boost the housing market. It removed the 1% stamp duty tax for first time buyers on properties worth between £125,000 and £250,000. Many buyers hoped the holiday would be extended but the Coalition Government has confirmed that it is being scrapped…

Don’t overlook new tax relief for property investors

Don’t overlook new tax relief for property investors

The change rectified the situation whereby if an investor bought a property containing several flats from the same seller, the rate of SDLT would be determined by the total amount payable. For example, if there were five flats at £250,000 each then the total purchase cost would be £1.25m. SDLT would then be charged at…

New rules aim to prevent risky mortgage lending

New rules aim to prevent risky mortgage lending

The Financial Services Authority (FSA) wants tighter controls so that people don’t borrow more than they can afford and are properly informed when they take out amortgage. It says it wants “common sense” standards to apply in future. An FSA statement said: “The Mortgage Market Review aims to prevent a recurrence of the irresponsible lending…

Make sure you know the boundaries when buying property

Make sure you know the boundaries when buying property

This is not as simple as it may appear, especially when provisions made in previous transfers of the property have an effect. A recent case before the Court of Appeal highlighted the problems that can arise. It involved a couple who bought a property that bordered a park. There were two potential boundaries to their…

Covenant restricts homeowner’s right to build

Covenant restricts homeowner’s right to build

Failure to do so could prevent you carrying out alterations or developing the land, as happened in a recent case in the High Court. It involved a house owner who had bought a property on a small residential estate managed by a residents company. There was a covenant relating to the property stating that it…

Could friends provide the key to buying a new home?

Could friends provide the key to buying a new home?

It can be a good way of taking the first step on the property ladder as long as everyone understands what is involved and there is a legally binding agreement that is fair to everyone. It can be tempting for friends to be informal about their relationship, but circumstances change and so it is wise…

Mortgage lenders urged to back self-build home revolution

Mortgage lenders urged to back self-build home revolution

Housing Minister Grant Shapps says he wants self-build projects to become more widespread as a way of creating a much needed supply of affordable homes. Mr Shapps has written a letter to banks and building societies calling on them to provide more mortgages and other specialist finance products for self-builders. He says lenders should be…

Land to be made available for new homes

Land to be made available for new homes

Housing Minister Grant Shapps is urging developers to come forward to take advantage of this new opportunity which could help create 25,000 jobs by 2015. Mr Shapps has told Government departments with significant land banks that by this Autumn, they must publish plans to release thousands of acres of previously developed land to house builders….

Budget provides a boost for first time buyers

Budget provides a boost for first time buyers

The move was announced by Chancellor George Osborne as part of his budget speech. The new FirstBuy scheme applies to new build homes and is designed to help people who have been unable to buy a property because of the need to provide a large deposit. The Government and the house builders will provide loans…

Neighbour dispute settled by assessing the lie of the land

Neighbour dispute settled by assessing the lie of the land

That was the ruling of the Court of Appeal in the case of two neighbours who both believed they owned the stream that separated their properties. Both properties were originally owned by the same person. When the land was split into two and sold separately, the plans and legal documents didn’t make it clear where…