On 07 January 2021 the Housing Secretary Robert Jenrick announced proposals that mean leaseholders will be able to extend their lease by 990 years instead of the current 90 years allowed by the Leasehold Reform, Housing and Urban Development Act 1993, and for those with lease lengths below 80 years, removal of marriage value which
A buyer was entitled to pull out of an agreement to purchase a newly built flat which had not been completed and made ready to live in by the date specified in the contract. That was the decision of the High Court in a case involving Caledonian Management Services Ltd and Clivedale Properties Ltd. The
First-time buyers interested in new-build homes can now apply for the new Help to Buy: Equity Loan scheme. With a Help to Buy: Equity Loan, the government lends homebuyers up to 20% (40% in London) of the cost of a newly built home. Customers pay a deposit of 5% or more and arrange a mortgage
The government is reviewing the planning system to make it as easy as possible for people to build their own home. There are currently about 15,000 of these types of homes built every year – an increase of 50% in two years. It’s estimated that the self and custom build industry is worth almost £4.5
The government has launched an £11.5 billion programme to build 180,000 new homes across the country over the next five years. It’s hoped that the move will unlock a further £38 billion in public and private investment in affordable housing. New homes will be made available from next year. Around half of the new homes
The government is planning changes to the shared ownership scheme to make it easier for people to buy more of their own home, including allowing them to buy in 1% increments. At present, they have to buy an increased share in 10% chunks, which can be as much as £45,000 each time. This process of
The government has issued guidance on who must pay the higher rates of Stamp Duty Land Tax (SDLT) when buying a residential property in England. The basic position is that you will be liable for the higher SDLT rates when you buy a residential property (or a part of one) for £40,000 or more, if
There has been a large increase in house sales following the introduction of the Stamp Duty Land Tax (SDLT) holiday. After a 14.5% rise in July, residential property transactions in August rose a further 15.6% as more people decided to buy a new home. The increase came after Chancellor Rishi Sunak announced a stamp duty
The Help to Buy scheme has been extended to compensate for the delays in building work due to the coronavirus outbreak. Under the current scheme, work on new homes would have to be finished by the end of December – the extension will mean the deadline will now move to 28 February 2021. The deadline
High Court has settled a dispute between a father and son over whether money was ‘loaned or gifted’ to buy a home. The father had been a successful builder and property developer who owned numerous residential properties. He and his son had been directors of a building company which owned a commercial property; the son