If you’ve been thinking about buying a leasehold property but have been put off because of the ground rent charges, you no longer need to let that stop you from going ahead with your purchase. From 30th June, ground rent cannot be charged on new residential leases.
During the lockdown period, thousands of people took the opportunity to repair and upgrade their homes. Often, tradespeople were employed to carry out these works.
Many people are under the misapprehension that there is no need for them to make a Will as their spouse will inherit everything. However, under the Intestacy Rules, a spouse or civil partner will only inherit the whole estate if the deceased has no children.
If your property is still leasehold, the clock is ticking. If you have less than 60 years left to go on your lease you should seriously consider buying the freehold.
The first month of the New Year is reportedly the most popular time of year to file for divorce and the PGM family team always see a rise in new cases after the festive season. We also see increasing numbers of people approaching us following attempts to keep the cost down with a DIY divorce.
The effect of Japanese knotweed on property has been well documented over recent years with images of the plant growing through concrete foundations and destabilised buildings.
Recently we have dealt with a number of clients who have purchased the freehold title to their property. The problem with leasehold properties is that every year the cost of the freehold will increase and as the term of the lease diminishes even further, the price will escalate quite dramatically.
Chancellor Philip Hammond has abolished stamp duty for first-time buyers on properties worth up to £300,000 and on the first £300,000 on properties worth up to £500,000 in higher-value areas, such as London.
The UK government has officially confirmed that probate fees in England and Wales will change in May 2017 to a banded system, where fees increase with the value of the estate, replacing the current flat fees.