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Residential

Avoiding septic tank blockages when it comes to selling

This year’s housing market has been characterised by slumping prices and sluggish sales in many areas, posing a challenge to would-be sellers looking to move on. And for those who are not connected to mains drainage, generally in rural areas, there’s an added challenge, with many unaware of stricter rules regarding septic tank systems and soakaways, which must be dealt with as part of the conveyancing process. According to Jeremy Lewis, property law expert and Partner at Bowling & Co, Solicitors: "Property owners with a septic tank or small sewage…

How to speed up the conveyancing process

Describing the current housing market as ‘soft’ is a polite way to say it’s tough out there. Belts are tightening, mortgage lenders are asking a lot more questions and delving deeper into your financial history before saying yes to a loan, and bricks and mortar simply aren’t moving as quickly as before. House prices are still growing (mostly), but at a considerably reduced rate compared to 2016 PB (Pre-Brexit). You can make your property as attractive as possible to buyers by making sure you have great photographs, utilise online sellers…

Property Ownership – who is the real beneficial owner?

The UK has become one of the most popular destinations for foreign investment in real estate over recent years. Such investment has significant benefits to the economy and provides many jobs for the construction industry. When overseas companies invest in the UK this gives concern for potential illegal activity to take place. This concern has been voiced by the UK government and has led to the proposed introduction of a beneficial ownership register. The UK government seek to have clear corporate transparency in order that properties which are owned through…

Private tenants are spending more than half of their income on rent

According to research carried out by the Local Government Association (LGA), one in seven private renters are having to spend more than half of their total income on rent, this being in stark contrast to homeowners, where only 2% pay more than half of their income on their mortgage. Further figures from the LGA suggest that the average deposit for a property now costs up to 71% of a first time buyer’s annual income and that under 25 year olds today are now half as likely to be homeowners than…

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…

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