Following the latest Government advice on home moving during the Coronavirus (Covid-19) outbreak, find out more on how we can support your conveyancing journey. 

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Stamp duty threshold rises to £500k, saving home buyers an average £4.5k

The threshold on Stamp Duty Land Tax has been raised to £500,000, saving home movers and first-time buyers an average £4,500 on a property transaction. Rishi Sunak, Chancellor of the Exchequer, made the announcement of the temporary cut in the property tax in England in his summer statement in the House of Commons. The cut is effective immediately and will stay in place until March 31, 2021. Kickstart your property transaction with one call Homeward Legal are standing by to help first-time buyers and home movers move quickly to secure their dream property. One call to our expert team on Read more…

Transfer of Equity Explained

In this article we’ll explain the concept of Transfer of Equity. What is a transfer of equity, whether you pay stamp duty on transfer of equity, how long does it take, how it works…all of these questions and more will be answered. At the time of writing, the coronavirus crisis means that you may have a degree of anxiety or uncertainty over your transaction. Rest assured that this particular field of conveyancing is relatively simple and, most importantly, able to progress as normal with no need for face to face contact. What is a Transfer of Equity? A Transfer of Read more…

Can I Remortgage in the Current Climate?

On the 19th March, The Bank of England lowered its base rate to an all-time low of 0.1%. We’ve heard the word ‘unprecedented’ being used multiple times throughout the current Coronavirus crisis, but this really was just that. From highs of 13% in the late 80s, this represents quite the turnaround. You may have found yourself asking whether or not you can remortgage in this current climate, and the answer is most certainly yes. This particular property transaction is one that can keep moving during the current coronavirus crisis as e-signatures will enable the process to progress without the need Read more…

Coronavirus & Conveyancing: How Homeward Legal Helps Keep Your Conveyancing Moving

These are unprecedented times, not just for the property industry but for life in general. Plans are being put on hold left, right and centre as people try to make sense of the uncertainty and confusion arising as a result of COVID-19. Those who are looking to buy or sell their home, remortgage or transfer equity are likely to consider holding off until the situation is a little clearer. But we wanted to reassure those of you at the point in your journey where you’re looking to instruct a conveyancer then we can help you get things moving. That’s where Read more…

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online conveyancing

How Much Are Remortgage Conveyancing Fees?

We’ve put together this guide to help give you an understanding of the fees associated with remortgaging a property and more specifically the cost of conveyancing for this. WHY IS CONVEYANCING REQUIRED FOR A REMORTGAGE? You may think that as conveyancing refers to the transfer of legal title of property from one person to another, it needn’t be a consideration for a remortgaging transaction. However, as the lender’s interest or indeed the lender themselves are changing, it is necessary for a solicitor to check the property’s title and legal status to ensure sufficient security for the lender, just like with Read more…

How much are average conveyancing fees in 2020

Are you ready to make a move in 2020? Is this the year you want to buy a new home or sell up for a new life? Getting a clear idea of how much average conveyancing fees will cost in 2020 is your starting point. The new year has got off to a flying start with the biggest increase so far in property asking prices. So, it’s probably the ideal time to start your own preparation for a home purchase or sale. EXPLAINING LEGAL FEES The first thing you want to have is an idea of how much your legal Read more…

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property market

Savills points to ‘Boris bounce’ in property market

The UK property market is enjoying a “Boris bounce” with an increase in house sales since the December general election. Leading estate agent Savills says its profits are expected to be up thanks to an unexpected rise in activity at the end of a relatively flat 2019. Meanwhile, it pointed to how its own house sales were outperforming the overall property market, “in particular taking share in the core London market”. High-end deals struck Savills’ confidence is reflected in the number of high-end property deals struck in London since the Conservatives won a decisive majority in the general election. The Read more…

Leasehold reform should make system simpler and cheaper

Homeowners living in leasehold properties in England and Wales could save thousands thanks to leasehold reform proposals. The Law Commission wants to make it easier and cheaper for leasehold homeowners to extend their lease or buy the freehold. In England alone, there are around four million leasehold homes. This means the homeowner only owns the property but not the land it sits on. And they must lease that land from the landowner or freeholder. Proposed cap on ground rents The Law Commission has been reviewing the law around leasehold for the last two years. The issue gained traction when builders Read more…

leasehold reform
1st-time buyer deposit

1st-time buyer numbers up again but home deposit still an issue

First-time buyer numbers in the UK are continuing to recover, but raising a home deposit is still an issue for many aiming to become homeowners. That’s the conclusion of the latest House Price Index from the Nationwide Building Society. Its December report showed that house price growth in that month was up 1.4 percent on the year, the first time in more than 12 months that price growth rose above 1 percent. 1st-time buyer numbers near 2006 peak Meanwhile, the report also revealed that first-time buyer numbers reached 354,400 in the 12 months to October. That was more than double Read more…

Nationwide calls on Government to back empty homes fund

The Nationwide is leading calls for the Government to establish a fund that will help fill 226,000 empty homes in England.

The UK’s biggest building society says £185 million in an Empty Homes Fund would bring abandoned or unused properties back into use.

Its manifesto makes a series of proposals, such as giving first-time buyers council tax “holidays”. In addition, tax breaks could incentivise local authorities to repurpose vacant property.

empty homes
1st-time buyer numbers

1st-time buyer numbers at highest level since 2007

First-time buyer numbers in the UK reached their highest level since 2007 last year. Figures for newcomers to home ownership are slowly returning to the levels they reached before the financial crisis of 2007-09. Yorkshire Building Society says the numbers of first-time buyers in 2019 reached an estimated 353,436. That was up slightly from 2018’s 353,130 FTBs but is still the highest number since 2007. FTBs make up half of all home buyers More than half (51 percent) of all home buyers in 2019 were first-time buyers. Yorkshire says the most expensive region for first-time buyers is London where they Read more…

UK house prices treble in 20 years

UK house prices have more than trebled since the start of the 21st century. Analysis by the Halifax has revealed that the average price of a home has risen by an incredible 207 percent in the last 20 years. In Greater London, the rise has been even more steep, up by 239 percent since the millennium. Meanwhile, first-time buyers are paying prices 264 percent more than their counterparts at the start of the century. Average house price change from 1999 According to the Halifax, the average price of a UK home at the end of 1999 was £91,199. By November Read more…

house prices
property market

What’s ahead in the property market in 2020?

2020 is looming, and the property market experts are making their forecasts for the year ahead. Much of the focus is on how much house prices might rise by. But other factors will help shape decisions on whether to buy or sell a home in the next 12 months. We take a look at what might lie ahead in the property market. Brexit’s will-we-won’t-we question settled The uncertainty in UK politics has been removed with the Conservatives’ thumping general election victory. But the spectre of Brexit – the UK’s departure from the European Union – has had the greatest effect Read more…

Competition among lenders boosts mortgage deals for 1st-time buyers

Competition among lenders adds up to good news for first-time buyers looking to secure mortgage deals. As a result of the competition, lenders are cutting the repayment rates on the deals they have on offer for newbies to home ownership. And, in effect, the bigger a deposit a first-time buyer can bring to the table, the better the mortgage deal they can secure. Fixed-rate mortgage deals appealing Comparison website moneyfactors.co.uk has revealed that the average rate of repayment interest on a two-year fixed-rate mortgage dropped from 3.27 percent in November to 3.25 percent in December. That’s on a loan-to-value (LTV) Read more…

mortgage deals
online househunters

The nation’s busiest time for online house-hunting revealed

When is your best time to go house-hunting online? Well, according to Rightmove, 8.48 pm on Wednesdays is the optimal time for the nation to start browsing online for a home. The Rightmove data shows that visits to their platform peak between 8 pm and 9 pm daily. Essentially, people are getting dinner out of the way before settling down to look at homes for sale. Ready for Boxing Day bounce Rightmove crunched the data even further to reveal there are more people online at 8.48 pm on a Wednesday than at any other minute of the week. The quietest Read more…

‘Weekend penalty’ could mean extra remortgaging costs

Homeowners could face hidden costs with the “weekend penalty” when they remortgage by switching to a new lender. The problem arises when their old mortgage deal expires on a Friday or a Saturday or even on a bank holiday. Their new deal can only start on the next working day as they are switching from one lender to another. And that means the homeowner will be put on their existing lender’s standard variable rate (SVR), paying a much higher rate of interest on the outstanding loan even if only for a couple of days. Potential hidden costs Martin Lewis’ moneysavingexpert.com Read more…

remortgage costs
Boxing Day bounce

Home sellers and buyers get set for Boxing Day bounce

The Boxing Day sales don’t just apply to shops on the high street. For home buyers and sellers, the festive period is the new seasonal peak, thanks to the Boxing Day bounce. Property portal Zoopla is helping estate agents prep for a surge of buyers and sellers the day after Christmas. According to Zoopla, visitors to its website, which lists properties for sale across the UK, to rise 60 percent month-on-month in December. It also anticipates an 80 percent boost to estate agents from new sellers throughout the festive period and into January. Record viewer numbers on Boxing Day While Read more…

Big drop in cash buyers across the UK

The number of cash buyers in the UK property market is at its lowest level since 2007. Less than a third (28 percent) of homes were bought with cash in the first six months of this year. That compares to a high of 36 percent a decade ago. Every region registers a fall The figures come from new research by Hamptons International. The leading estate agency has revealed that in the last two years alone, the proportion of homes bought with cash fell by 5 percent in the UK. Every region has recorded a fall in cash sale, with the Read more…

cash buyers
home deposit

1st-time buyers saving for home deposit faster in 2019

First-time buyers are taking less time to save for a home deposit. New research by Post Office Money says first-time buyer households save an average £843 per month for a deposit. That’s a fifth (21 percent) of the total household income of an FTB household (£49,263). Boosting income The amount saved varies across the country. First-time buyers in Scotland save an average £682 but, reflecting much higher property prices further south, those in London are putting away £1,046 every month. Only a third (29 percent) of first-time buyers save on their own for a home. One in three told researchers Read more…

Help to Buy ISA deadline fast approaching

The Help to Buy ISA for first-time buyers will close on November 30. That means first-time buyers have only two weeks in which to open an account. That will also ensure they pick up a Government cash bonus to go towards a house deposit. The individual savings account has been available since 2015 as part of a package of measures to boost home ownership. Tax-free bonus boosts deposit Newcomers to home ownership can receive up to £3000 tax free from the Government to boost their own savings. However, the Help to Buy ISA will close to new customers at the Read more…

Help to Buy ISA