Budget 2024 update: buying more than one property

The Government’s 2024 Spring Budget saw significant changes to the way property is taxed, including the imminent abolition of multiple dwelling relief. This will primarily affect investors looking to buy multiple properties at the same time, however, it could also affect you if you are buying a property that comprises more than one unit, such as a house with a distinct annex. ‘If you are purchasing a property with a separate granny annex and multiple dwelling relief applies to your purchase, it can save you thousands of pounds in stamp duty,’ explains Holly Stevens, Director & Head of Residential Property with Ware & Kay incorporating Pearsons & Ward. ‘However, this relief will very shortly be abolished, so if you think an intended purchase may qualify, then speak to your solicitor as soon as possible.’ In…

Gazumping and gazundering – perils in an uncertain market

Research suggests that nearly a third of recent sellers have suffered gazundering, which property pundits attribute to a downturn in the market. But, in some areas, the lack of suitable properties means there is still fierce competition for homes, with buyers trying to outbid each other via gazumping. ‘It is certainly a challenging time to be moving home,’ agrees Lucy Gilman, Head of the Wetherby Office with Ware & Kay Solicitors. ‘Unfortunately, some buyers and sellers are taking advantage of the current market to renegotiate the agreed price, threatening to pull out if their demands are not met. The good news is there are things you and your solicitor can do to reduce the risks.’ Gazundering, and why it is a problem With gazundering, the parties agree on a price, and the sale is proceeding…

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What is conveyancing?

Real estate transactions involve a complex legal process known as conveyancing. In this guide, we aim to shed light on the essential aspects of conveyancing. Should you have further inquiries or require personalised legal assistance, our team of experienced solicitors is ready to assist you. Call us today on 01904 716000 (York) or 01937 583210 (Wetherby) or 01653 692247 (Malton), or complete our online contact form. What is Conveyancing? Conveyancing is the legal process of transferring property ownership from one party to another. This comprehensive process involves several key steps to ensure a smooth and legally sound transfer. Below are the fundamental aspects of conveyancing. Pre-Contract Stage There are multiple steps early in the conveyancing process. This includes a Title Check, where your solicitor thoroughly checks the property's title to ensure that the seller has the legal right to sell. Your team will…

Don’t stumble over easements, rights of way or sporting rights when buying farmland

There are many reasons why you might want to buy agricultural property: to farm, of course, but also perhaps to develop, or to use for hunting or fishing purposes. Woodland, equestrian properties and fishing lakes may be a good investment for a self-invested personal pension (SIPP), or perhaps you simply wish to have a peaceful rural setting for your retirement.  Whatever your reasons, before you buy you need to ensure the property can actually be used for your intended purposes as there are many legal stumbling blocks that can arise when purchasing farmland, we highlight some of the issues relating to rights of way, easements, and sporting rights. Rights of way Many areas of farmland are in remote locations, some distance from a public road, and you will need to ensure you have a right of access…

Avoiding pitfalls of unregistered land

More than 85 per cent of land in England and Wales is now registered with HM Land Registry; however large swathes of rural farmland remain unregistered. Land is often farmed by the same family for years and therefore no ‘trigger event’ arises which would require first registration. Here our solicitors explain when it is compulsory to register unregistered land and outlines the benefits and the pitfalls for those who do not. When you should register All land or property must be registered with HM Land Registry if you have: purchased it; been given land or property as a gift; inherited any land or property; leased it for more than seven years; received it in exchange for other property or land; or had it mortgaged. Farmers should be aware that agricultural land must also be…

Buying a property for student accommodation

If your son or daughter is heading off to university, you may be thinking about their accommodation. With student rents averaging nearly £7,000 a year, you may also want to help financially. For some parents, the solution is to buy a property for their child to live in while studying and possibly to rent spare rooms to fellow students. But is this a good idea?   ‘It really depends on your personal circumstances, and what you want to achieve,’ says Holly Stevens, Director & Head of Residential Property with Ware & Kay in York. ‘Investing in a property in a university town could free your child from any accommodation worries while they are studying. However, you will find there is a lot to consider before you buy, and while you have students as tenants.’ Property…

Registered and unregistered land, what is the difference?

There are two systems of recording ownership of land in England & Wales; registered & unregistered.  Whether your land is registered or unregistered can have a major impact, & not only when you come to sell. Holly Stevens, Director & Head of Residential Property at Ware & Kay in York, considers the implications.  Registered land, an overview The Land Registry keeps a register of all registered land, which is indexed on a map. This register contains information on approximately 24 million properties.  Within this overall register, the Land Registry allocates properties their own unique number & individual register.  Each individual register includes three sections: ‘proprietor register’ - contains ownership information; ‘property register’ - contains a description of the property, linked to a map; & ‘charges register’- contains details of any mortgages or charges affecting…

Selling a property through the modern method of auction

Online auctions, especially the ‘modern method’ of auction, continue to grow in popularity. Last year saw a 40 per cent rise in the value of property sold at auction, much of this online. But what exactly is the modern method of auction, and is it something you should consider? For a seller there are certainly some advantages to the modern method of auction, such as speed and a defined timetable. However, there are also pitfalls for the unwary and so it is important to consider how it would work for you. Our team answers some common questions about the modern method of auction. What is the modern method of auction? Typically, the modern method of auction takes place online over a fixed period. As a seller, you enter into an agreement with the auctioneer who invites…

Is now a good time for first-time buyers?

  If you are looking to own your first home, you may wonder whether or not now is a good time to buy. On the one hand, the increase in property prices seems finally to have stalled. On the other, living costs and interest rates have risen sharply. Add to this the uncertain economic outlook, and it is hard to decide what to do for the best. Nobody knows for certain what the future holds. For most people, their home is a long-term commitment, and it is important to see things in perspective. Whether you decide to buy now, or to wait, there is a lot to consider. We outline some of the key considerations for first-time buyers. Plan your finances well in advance Building up savings can reduce the amount you need to borrow and…