Posted on 12/02/08, filed under News | No Comments
The National Association of Estate Agents (NAEA) has called on Chancellor of the Exchequer Alistair Darling to cut stamp duty in next month’s Budget.
It is hoped revising the threshold at which stamp duty is paid will reduce affordability concerns for first-time buyers - many of whom presently struggle to obtain property.
“The government needs to be aware with inflation rising consumers need a helping hand. We would like to see a scale of stamp duty that reflects the house price inflation in recent years,” said NAEA president, Stewart Lilly.
The NAEA advocates the following system of stamp duty thresholds:
- Up to £200,000 - 0 per cent
- £200,001 to £300,000 - 1 per cent
- £300,001 to £450,000 - 2 per cent
- £450,001 to £1million - 3 per cent
- £1million and above - 4 per cent
- £2 million and above - 4.5 per cent
The NAEA is also calling for the government to develop its green taxation system - by introducing VAT free eco-products and lowering tax on building conversions to match new-build status.
It is hoped the moves would promote energy efficiency and sustainability in the home, a change the NAEA feels would play an important role in encouraging the regeneration of old buildings and reduce the UK’s carbon footprint.
“We would like to see green policies made more accessible to the average consumer,” continued Mr Lilly.
“By implementing simple measures such as introducing VAT free/lower-tax green policies it can only encourage people to introduce more energy efficiency into their existing homes and renovate and regenerate older properties - rather than measures with big words and little substance like home information packs (Hips) and carbon-zero homes, we believe this government could see real results.”
Finally, the NAEA is also demanding the government incorporate greater emphasis and further planning reforms to ensure sustainable communities are built and to encourage the spread of affordable housing across the UK.
“We would like to encourage more balance in communities - especially rural communities - that have for some time lacked the proper investment to get the right mix of properties in the right place and at the right price with the services to match,” concluded Mr Lilly.
Posted on 09/02/08, filed under News | No Comments
HOME-SELLERS risk disaster if they get their home information packs (HIPs) prepared on the cheap, solicitors are warning.
According to The Law Society, HIPs have caused a host of problems for buyers and sellers since they were introduced a year ago.
More and more homeowners are falling victim to estate agents and other non-solicitor providers who offer cheap rates.
Often these packs lack vital information, resulting in incomplete and inaccurate HIPs.The society warns we could see more unreliable HIPs emerging as the Government proposes to make it compulsory for homeowners to complete one before their home is even put on the market.
Vice-president of The Law Society Paul Marsh said: “Many of the documents required in a HIP are of a legally complex nature but are vitally important to get right.
“For example, standard searches show important details, such as any charges linked to the property, building proposals in the surrounding area and water and drainage services for the property.
“So the best professional to produce your HIP is a qualified solicitor.”
A solicitor can also explain what the contents of an HIP mean and identify any legal problems that might be unique to a property.
Mr Marsh added: “Anyone who is selling a home should get a solicitor involved in the HIPs process right from the outset.
“Solicitors can provide a one-stop-shop for getting your HIPs documents in place and have the legal expertise and conveyancing experience to make sure everything goes smoothly.”
For further information on HIPs, telephone a member of our HIPs Team on 01903 229999 or e-mail us HIPS@bennett-griffin.co.uk.
Posted on 01/02/08, filed under News | No Comments
Take advantage of what’s now available, says Ian Macara, Partner in Bennett Griffin’s Private Client Team.
My column in the September issue provided advance warning of the demise of Enduring Powers of Attorney. This month I summarise how new Lasting Powers of Attorney are now the principal means for you to choose who will manage your affairs, should you be incapable of coping yourself, through accident, illness or simply old age. So, what’s new with Lasting Powers of Attorney?
Firstly you will now have the opportunity to make a Personal Welfare Lasting Power of Attorney, and in addition you can still make one concerning your Property and Financial affairs. This means you can now direct who has the authority to decide such important issues as medical treatment, mental incapacity and even long term care in later life.
There’s also a new process for creating a Lasting Power of Attorney. This is more complex with longer forms, a new role and duties for a Certificate provider and the requirement for immediate registration of the power, to ensure your interests are more fully safeguarded.
The most significant change is the scope for you to decide who should be informed of the registration and whether you wish to impose restrictions and conditions on your attorney, and whether or not to set out personal guidance on any particular issues. In this way, and with proper specialist advice, you can ensure your authority best fits your particular circumstances - family, medical or financial.
So don’t be put off by Lasting Powers, and don’t delay. At Bennett Griffin we’ll ensure that, combined with your Will, your legal affairs are in the best possible order. And Lasting Powers of Attorney are still a whole lot cheaper than someone you have not chosen volunteering to act as your Deputy.
If you’d like more information on Enduring Powers of Attorney, call Bennett Griffin on 01903 229999 and ask for the Private Client Team.
Article courtesy of Essentially Worthing Magazine.
