The new coalition government of Lib Dems and Conservatives are expected to include in the awaited Emergency Budget confirmation that the stamp duty land tax holiday in respect of properties up to £250,000.00 granted  to first time buyers by the Labour administration until the 25^th March 2012 is to be extended indefinitely.

Also in accordance with their manifestos it is expected that HIPs will be abolished but Energy Performance Certificates (EPCS) retained.

We will have to wait and see.

Hopley Pierce & Bird attended the second Home Buyer’s Fair held at Glyndwr University.  The fair is designed to bring together all the expertise required by a potential buyer in one place then they can obtain useful information about the process.  The Partners and Staff were on hand to offer advice and assistance to people about the legal process involved in buying a house.  It appeared that many people don’t know where to start and we were able to point them in the right direction.  Hopley Pierce & Bird do offer a free half hour and if you wish to discuss a potential purchase please telephone our reception to book an appointment.

The Chancellor of the exchequer has announced in today’s budget statement that the stamp duty land tax threshold is to be raised to £250000.00 for first time buyers.  This means that any first time buyer purchasing a property no more than £25000.00 will not have to pay any stamp duty land tax -  a maximum saving of £2250.00!

If you require any advice about your purchase or in particular stamp duty land tax and how it may affect you please telephone or email us.

Partner Jacqueline Marsland and Solicitor Nicola Jones attended the First Time Buyers Fair at Glyndwr University on 18th April 2009.  The fair was to provide people with information about the legal process, mortgages, negotiating prices and affordable housing schemes.  The event was well attended and feedback indicates it was also helpful.  Any questions about the legal processs of buying a house can be sent to Nicola at nj@hpblaw.co.uk

As from 6th April it will not be possible to put your property on the market for sale without the initial elements of the Home Information Pack.  This is the end to the concession whereby you could market your property on the basis your HIP was ordered but not yet received.  We at Hopley Pierce & Bird can help you comply with the regulations by ensuring your HIP is available as quickly as possible.  Please contact us for more information.

As from 6th April 2009 the concession to allow first day marketing of properties without a Home Information Pack will cease.  There are concerns that some of the regulations are not clear enough and loopholes could be used to flout the law.  Contact us if you are intending to market your property and we will make sure you are compliant.

In this “credit crunch” climate we are being asked by clients who have agreed to purchase properties which were in the course of being built when they exchanged contracts whether they can pull out of their purchase and get their deposit back.

The reasons for their change of mind may be that they now consider that the price they agreed to pay is too high given the reduction in property prices or that the cost of their mortgage has increased.

Usually a 10% deposit will have been paid.  So if you do not complete the purchase then under the usual conditions the builder can cancel the contract and retain the deposit.  This is in addition to his other rights and remedies.

If you are in this position think carefully and take legal advice before making your decision.

The Chancellor of the Exchequer has announced today that stamp duty will not apply to residential house purchases under £175000.00. This relief will apply from 3^rd September 2008 until September 3^rd 2009 and is intended to kick start the property market.

With properties available in the local area for less than £175000.00 hopefully we will see the property market begin to move.

Additionally the Government intend to offer interest free loans to first time buyers but we are waiting for full details at the time of posting this blog.

If you require any help or assistance with any aspect of buying a property please contact us.