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Residential

Focus on Residential property department

This month we take a look at our Residential property department which is headed up by Jeremy Lewis, Partner. The Bowling & Co highly experienced and skilled residential team advises clients based in London, throughout the UK and overseas on a wide range of residential property transactions. Help when you need it Our residential staff are here to help guide and support you throughout the process of buying or selling and aim to offer clear, concise and jargon free advice. A residential property transaction can be an exciting but ultimately…

Stamp duty change results in buy-to-let slump

Following the introduction of a stamp duty surcharge in April 2016 mortgage activity in the UK buy-to-let sector has plummeted. Changes implemented in April 2016 resulted in a 3% stamp duty surcharge on buy-to-let and second home purchases. This impelled a sudden surge in lending in February and March 2016 as landlords rushed through purchases to avoid the impending 3% increase in stamp duty tax. However, the spike in mortgage lending was short lived as a sudden and significant drop followed. The Council of Mortgage Lenders (CML) figures show that…

Legal Tips and Help

Buying or selling a property can be an emotional roller coaster and lawyers use a lot of technical terms, so much so that it can be difficult to follow what they mean and at a time when you are trying to deal with the ups and downs of buying or selling a property, this is not a good recipe for keeping calm. To bring clarity to the puzzle of conveyancing “speak” we at Bowling & Co try our level best not to bombard you with lots of confusing legal terminology.…

What is Post-completion and how long does it take?

If you have ever sold or purchased a property you may be familiar with the concept of "Completion". For those who have not done so, completion is the date on which the parties to a transaction physically move to their respective properties, once the solicitors have sent the funds and these have been received. As far as a seller or purchaser is concerned that is the end of the matter for them, as they are either moving onto their new home or receiving a balance in their bank account. For solicitors,…

Relaxed planning rules to be made permanent

The process for converting commercial property to residential has become easier, now that temporary planning rules removing the need for planning applications to convert certain types of building have been made permanent. The rules, which apply to B1 use properties (including offices, research and development premises and light industry) being converted for C3 use (residential housing), were set to end in May 2016. However, they will now be made permanent – much to the relief of commercial landowners and developers. Removing planning application requirements for converting certain commercial buildings should…

Digging deep: extending the basement

A site in South East London has been sold at a recent auction for £27,000. With the average price in the area an estimated £501/ft² the 400 sq ft site seemed like the perfect acquisition for somebody looking to secure their place on the property ladder. See also: Buying a property at auction Upon inspection of the particulars it was noted the site was marketed as "A vacant front basement suitable for redevelopment (subject to obtaining all necessary consents)" and prospective buyers were told, "There will be no internal viewings due…

The importance of choosing a good conveyancing solicitor

Your solicitor will conduct a range of tasks on your behalf, whether you are buying or selling, or both. General tasks include: Drafting and reviewing sale or purchase contracts; Dealing with Land Registry; Managing the collection and transfer of funds; and Providing legal advice and recommendations. If you are buying a property your solicitor will also carry out additional tasks including: Conducting searches on the property (these can include Local Authority search, Environmental search etc.); and Managing Stamp Duty charges and payments to HMRC. Here are some tips you should…

How do solicitors exchange contracts?

Contracts are usually exchanged by both solicitors/conveyancers reading out the contracts over the phone (which is recorded by both of them) to make sure the contracts are identical. The contracts are then immediately sent out by them to one another in the post. This is known as “exchange”. If you are in a chain, your lawyer will do the same thing. However, they will only release the contract to the lawyer acting for the party on the other side if all the other people in the chain are happy to…

Buying a property at auction

The main attraction of buying at auction is that you avoid the conventional drawn out process of purchasing a property. A variety of properties can be purchased at auction including residential, commercial, plots of land and freehold investment properties. When preparing for auction it is important to consider the following points: Contact the relevant auction house and request their catalogue. Most auction houses hold regular auction sales with a catalogue printed some weeks in advance. You can also subscribe to catalogue mailing lists. Most auction houses now publish online catalogues…

Stamp Duty Land Tax reform

In the final Autumn Statement before the general election next year, the Chancellor, George Osborne has announced an overhaul of Stamp Duty Land Tax (SDLT). At present, stamp duty is calculated as a percentage of the whole property with an increased rate triggered by being only a pound over the relevant threshold. The new measures introduced with effect from 4 December 2014 fundamentally change the way in which SDLT rates will be applied to the purchase price of properties. The new stamp duty rate will be calculated as follows: 1.…

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