If you want to purchase a property in the UK, you should be aware that there are two main types of home ownership - leasehold and freehold. Buyers should consider the advantages and disadvantages of either type before making an offer, as their decision may ultimately affect the price or indeed the value of an apartment or house if it is sold in the future. There are other factors to think about too. The potential for ongoing costs in the form of ground rent and maintenance fees as a leaseholder must also be taken into account. What is a leasehold…Read more..
With so many people struggling to get a foothold on the property ladder, more would-be buyers are exploring alternative arrangements in a bid for home ownership. In a difficult and expensive market, it can make sense to look at working together to buy a house with family or friends. However, if you decide to buy a property with other parties there can be certain legal implications. That is why it is imperative to seek advice from a specialist conveyancing solicitor if this is the route you decide to take. Types of home ownership If you buy a property with somebody…Read more..
Political uncertainty and the prospect of economic instability as a result of Brexit have led some experts to predict a property price crash in 2019 – although there is some disagreement about who would be the winners and losers in the event of a steep decline. The statistics so far Indeed, there is evidence to suggest that a drop could be imminent. Figures from Nationwide show a rise of just 0.5% in December 2018 – the slowest rate of annual growth since 2013. Meanwhile, Rightmove reported an average price fall of £5,000 in November. Former hotspots such as London and…Read more..
When a home is purchased above a certain price, it will attract stamp duty. This is an additional expense which will need to be taken into consideration when stepping on to the property ladder – particularly if you’re saving up for a deposit and need to carefully plan your budget. The rules surrounding stamp duty are complicated. It depends on whereabouts in the United Kingdom you’re planning to buy, the eventual selling price, whether or not you are a first-time buyer, or how many other properties you own already. So, just what is the threshold for stamp duty on houses…Read more..