Residential Property Spotlight
Welcome to Blake Morgan's latest edition of Residential Property Spotlight, bringing you a round-up of the topics most relevant to you and your clients.
Chancellor announces changes to stamp duty land tax for first-time buyers but with no changes for the rest of the market
It was announced in the Budget that at least some, and sometimes full, relief from SDLT will be available for first-time buyers paying up to £500,000 for a residential property within England, Wales and Northern Ireland completing on or after 22 November 2017.
SDLT surcharge - 1 year to go before the expiry of the transitional period
Many house buyers have struggled to get to grips with the 3% surcharge to stamp duty land tax on additional homes since it was introduced in April 2016. It's just over twelve months to go until the transitional provisions expire for purchases in England after 26 November 2018. Buyers in some situations will need to complete their purchase by this date if they are to escape the 3% surcharge. Blake Morgan looks at examples of those who will be affected by the ending of the transitional period.
Government acts to improve the home-buying and selling process
The Government has recently announced that it wants to reform and modernise the home-buying process to make it "cheaper, faster and less stressful". The Housing White Paper set out plans to address the broken housing market and the call for evidence will look at how the Government can facilitate further improvement in the home buying experience.
"Friday afternoon fraud" on property transactions and how you can protect yourself
Since 2009, HM Land Registry has prevented 254 fraudulent applications being registered, representing properties valued in excess of £117 million. No system can be completely fraud-proof, but do you know the best way to protect yourself from fraudsters? Don't get caught out, read our tips to help you safeguard your property and look at who is most vulnerable to property fraud.
Blockchain in real estate – what does the future hold?
The media has been buzzing about the recent listing of a property in Notting Hill for circa £17million where the reports state that the seller is only willing to accept bitcoin; as well as the recent property transaction secured by blockchain digital encryption technology. But what is blockchain and what impact could this technology have on the real estate industry?
Government issues draft Tenant Fees Bill banning residential letting fees
In the Chancellor's 2016 Autumn Statement, the Government announced its proposal to ban agents from charging letting fees to tenants on residential lettings and on 1 November 2017, they published the draft Tenant Fees Bill setting out the approach. Blake Morgan looks at the impact it could have on tenants, landlords and agents.
If you have any queries or would like further information on how we can help you, please contact your usual Blake Morgan adviser.