Residential property

Commonhold; the answer to the woes of leasehold ownership?

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As the requirements of lenders in terms of what constituted an acceptable leasehold title are becoming stricter and stricter, more and more leases which were absolutely compliant only a few years ago are now finding themselves falling foul of the lenders' benchmark. Add into this issues with service charges, ground rents, lease terms, management to name but a few and you have to ask "surely there is a better way?" More …

Right to Manage Consultation

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In December 2018 the Law Commission published a consultation paper on reform of the Right to Manage ("RTM") legislation: "Leasehold home ownership: exercising the right to manage", available here. The paper is one part of a wider investigation into proposed leasehold reform, as a result of earlier consultations having identified various problems with leasehold reform legislation. The Law Commission has been tasked with improving consumer choice and providing greater fairness and transparency for leaseholders. More …

Bank of Mum and Dad: University Purchase

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Our experts take a look at issues arising where parents buy a property whilst a child of the family is at university. Stamp duty land tax, income tax, capital gains tax and inheritance tax are considered for various ownership structures, including trust arrangements. More …

Bank of Mum and Dad: Concessionary Purchases

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Occasionally Mum and Dad own a family home which could be transferred to a son or daughter when Mum and Dad downsize. In these situations it is not uncommon for the parents to agree to transfer the property at undervalue, with the rest of the value effectively being a gift. More …

The commonhold revolution

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In December 2018 the Law Commission published a Consultation Paper on commonhold reform: "Reinvigorating commonhold: the alternative to leasehold ownership." We examine in more detail. More …

Welcome relief for tenants as the Tenant Fees Act is signed into law

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In a move likely to impact anyone involved in the private rental sector, Parliament has enacted a bill known as the Tenant Fees Act 2019 which marks the end of the majority of upfront fees charged by landlords and letting agents in England. More …

Too derelict to be a dwelling

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In a recently decided First Tier Tribunal case, P N Bewley Ltd escaped the higher rates of stamp duty land tax (SDLT) on the purchase of a dilapidated bungalow which it bought for demolition and redevelopment. This was on the basis that on the date of completion the building was not “suitable for use as a single dwelling”. The central heating system had been removed, some floorboards were missing and the presence of asbestos made a refurbishment unviable. More …

Non-resident buyers and 1% extra SDLT

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At the end of September 2018, just ahead of the Conservative Party Conference, Theresa May announced she was discussing with colleagues changes to increase stamp duty land tax for buyers who do not pay UK tax. There was talk of it being an extra 1 to 3% of the purchase price and the money being used to help the homeless. More …

"Joint Borrower Sole Proprietor" mortgages and living together agreements

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Simon Burge, a family law expert, takes a look at the use of a "living together agreement" in connection with a joint borrower mortgage for an unmarried couple, where only one of them is to own the property. More …

SDLT revenue figures' review

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Recent figures show the level of receipts from Stamp Duty Land Tax. Our SDLT expert John Shallcross takes a look in more detail. More …