In March 2010 the Chancellor brought in an exemption on stamp duty for first time buyers on properties up to the value of £250,000.
Indications are that this exemption will end in March 2012 so for first time buyers it is essential that completion of their property purchase takes place by March 2012 otherwise they will have to budget to pay the standard rate of 1% for any property up to £250,000.00.
If you agree to purchase after the end of 2011 and you fit the first time buyer criteria, ensure that the Seller knows that completion must take place by March 2012 so that you will benefit from the exemption.
New Land Registry recommendation for Landlords and Executors
The Land Registry have recommended that Landlord’s who have Tenants in their properties and also Executors of property where the property is vacant during the probate and sale process, or let out during that period, should register a new type of Restriction called an RQ. This is free to do and will ensure that if anyone tries to mortgage the property or sell the same then they cannot do so without the consent of the Conveyancer or Solicitor acting for the owner. Go to the Land Registry Web Site for full details and to download the form.
This form will also work for sole owners with partners who occupy with them, as there have been cases where the occupier has fraudulently sold or remortgaged the property without the consent of the owner.