Bonus for shared ownership buyers

First-time buyers who bought a shared ownership property in the last twelve months should check if they are due a refund on any Stamp Duty paid That's because when Chancellor Hammond extended Stamp Duty Relief available to first time buyers of shared ownership property in his Autumn 2018 budget, he also applied the extension retrospectively to any qualifying transactions that took place between 22 November 2017 and 29 October 2018. Since November 2017, relief has been available to first time buyers of shared ownership property who opted for the full…

Can’t afford to get on the property ladder? Shared ownership could be an option

The price of properties, even so-called ‘first-time homes’ are completely out of proportion to the average income. To save for a deposit on your first home is now taking house-hunters (especially first-timers) years longer than before. The ‘Bank of Mum and Dad’ is an option if you’re struggling to get the funds together on your own, but if you don’t have the ability to borrow from family members, or are unable to raise the money for that essential deposit on your own, there is another way to get your foot…

Interview with Laura Gill of our Residential department

Interview with Laura Gill of our Residential Property department Q: How long have you worked at Bowling & Co? A: I joined the firm approximately 18 months ago and work in the Residential team.  Q: What is the typical time frame for a property transaction to take, from start to finish? A: That's a tough question! It really depends on the type of property transaction. The average would be, say 6 to 8 weeks for a freehold property and around 8 to 12 weeks for a leasehold property. However, those average timescales…

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…

UK sees first time buyer Mortgages rise as buy-to-let slows

Conveyancers as well as Lenders across the nation have experienced the detrimental effects the new Stamp Duty Land Tax (SDLT) rules, which came into force from 1 April 2016, have had on the Buy-to-Let market. The new SDLT rules impose higher rates of SDLT on purchases of additional residential properties, the higher rates being 3% above the standard SDLT rates. This has deterred home owners from increasing their property portfolio in the UK as the rules also apply to properties owned abroad. One may argue the SDLT uplift on purchases…

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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