A failure to take legal advice cost a property buyer his £35,000 deposit as he fell foul of the time limits for the purchase. Purchasing property at auction can be legally hazardous as the following case shows.
With the rising prices of everyday life more and more people are finding that their pension savings, together with the state pension are not providing sufficient income to meet all their needs in retirement. If you do not have sufficient savings or assets your home could be a good way to help boost your pension.
In April 2013, the Government launched the first phase of the Help To Buy scheme. This gave homebuyers in England equity loans of up to 20% of the price of a “NEW PROPERTY” worth up to £600,000. Homebuyers needed to find at least 5% of the property price as a deposit, with a 75% mortgage to cover the balance.
Stamp Duty Land Tax is a self-assessed tax. The onus is on the taxpayer to make the necessary land transaction return, calculate the tax and pay it. This is a fundamental change to how the procedure used to work. The old Stamp Duty Land Tax regime taxed documents, so it was possible to delay paying the duty in many cases simply by not executing the document.