Tag: Residential property

Chancellor’s Autumn Statement introduces increased SDLT rates for second homes and buy-to-let properties

From 1 April 2016, higher rates of SDLT (Stamp Duty Land Tax) will apply to the purchase of second homes and buy-to-let properties where the chargeable consideration exceeds £40,000 – as announced in the Chancellor’s Autumn Statement. What are the higher rates? The higher rates will be 3% above the current SDLT rates for residential property. …

Bank of Mum and Dad

Centre for Economics and Business Research, in conjunction with Legal & General, has recently published a report that states parents in 2016 will finance 25 per cent of all UK property purchases. Parental loans will, therefore, be the equivalent of a top ten mortgage lender. The so-called “Bank of Mum and Dad” will provide £5 …

Making a gift of your home

There are many reasons why people wish to give away their home to another person.  It is crucial that the benefits, risks and foreseeable consequences of making the gift are fully understood so that the donor can decide to make the appropriate decision.  It may be that there are more effective ways of achieving the …