A beginner’s guide to SDLT
If you’ve ever bought and/or sold property in England, or indeed been paying attention to the news for the past year, you’ve likely heard the term “Stamp Duty”. SDLT stands for Stamp Duty Land Tax, which is referring to the exact same thing, only correctly. Confused? You aren’t alone. In fairness, the various terms people use […]
Rightmove HPI: homes selling faster than ever in spring market frenzy
The latest Rightmove HPI data shows that despite growing economic headwinds, the 2022 market continues to set new milestones for price and activity levels. The price of property coming to market has hit a new record high for the third consecutive month. Month-on-month prices have risen by an average of 1.6% (+£5,537), and over the […]
HMLR practice guide update – April 2022
HMLR practice guide update: PG73 Statements of truth (PG73) Page summary: Information about the use of statements of truth in support of applications to HM Land Registry (practice guide 73). Change made: Sections 3 and 4 have been amended to correct conflicting guidance and to confirm when a statement of truth can be signed using […]
Ground rent ban to come into force on 30th June
Future homebuyers will see their prospective property bills reduce on 30th June when the government’s ban on charging ground rent on new leases in England and Wales comes into force. The government is taking action to rid future homeowners of annual costs – known as ground rent. Sometimes worth hundreds of pounds a year, these […]
Transaction data shows 20% monthly increase
March HMRC monthly transaction data shows that while the number of residential transactions are down on the previous year, month-to-date levels continue to increase by almost 20% as we move further into the Spring. Today’s HMRC data showed that the cost of living crisis is yet to impact figures as provisional non-seasonally adjusted property sales were 110,990 […]
MPs vote against including shorter buildings in Building Safety Bill
MPs voted on Wednesday not to include any buildings below 11 metres in height in the Building Safety Bill’s provisions protecting leaseholders from liability for the cost of cladding remediation. The House of Lords aimed to clarify what constituted a “relevant building” to which leaseholder protections would apply. They proposed that this would include any […]
Housing supply down 45% from pre-pandemic levels
Research from Savills and TwentyCi has shown that the number of homes for sale has fallen by a third from pre-pandemic levels. This, coupled with an increase in demand from buyers, has seen stock of supply on the market has fallen by over 45% in the same period. Should demand for houses continue as the […]
CLC sets deadlines to improve the PII renewal process
Firms regulated by the Council for Licensed Conveyancers (CLC) will have to submit at least one application for professional indemnity insurance (PII) two months ahead of the renewal deadline, under plans agreed by the governing council and being submitted to the Legal Services Board (LSB) for approval. Insurers receiving applications will then be required to […]
