The Government has had its report stage on the 27th February 2024 for the amendment to the Leasehold and Freehold Reform Bill. The Bill will introduce a ban on the sale of new leaseholds properties so that properties will be freehold from the outset other than in exceptional circumstances. The Bill will also make long-awaited...
Background It may come as a surprise to some that the gift of cash is subject to a unique set of taxation rules. Only in recent decades have HMRC introduced the concept of gifts subject to a reservation coming at the same time as the introduction of the seven-year rule for potentially exempt transfers. What...
This article will explore what happens to a freehold property when it is co-owned and one of the owners passes away. We are often asked what can be done in this situation, especially during the estate administration and probate application. For the purposes of this article, we assume that the title to the freehold is...
Do I have to sell my home to pay for care? Your ability to pay for care will be worked out through a means test. Your home will not be included if you receive care and support at home or if you go into a care home on a short-term or temporary basis. If you move into...
The personal representatives (PRs) of an estate would be personally liable, up to the value of the estate, for liabilities incurred by the deceased person. Such liabilities would include contingent liabilities for which no claim has yet been made. The PRs may be able to protect themselves by publishing a notice which complies with section 27 of...
Benefits of selling in 2022/2023 Low competition – Due to the increased demand for houses, it is likely you won’t have much competition. This is good as it can allow for a quick sale at a price you are happy with. In fact, it could leave you with a much greater price than your original...
What is Stamp Duty Land Tax? You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland. You pay the tax when you: Buy a freehold propertyBuy a new or existing leaseholdBuy a property through a shared ownership schemeAre transferred land or...
