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• 

  Budget 2010 - Stamp Duty changes for First Time Buyers
  From 25th March 2010 there will be no Stamp Duty Land Tax, (SDLT), to pay if you are a fir...(read more)
  Thu 25 Mar 2010by David Bridge

Budget 2010 - Stamp Duty changes for First Time Buyers

From 25th March 2010 there will be no Stamp Duty Land Tax, (SDLT), to pay if you are a first-time buyer who is buying a property for £250,000 or less. This relief will last for 2 years and ends on 24th March 2012.

To qualify for this relief, the following must apply:
• Anyone buying the property has to be a genuine first time buyer. This means that if there are two buyers, both must fit the scheme.
You do not qualify if you have ever owned or acquired a major interest in any property anywhere in the world and we understand that this includes static caravans and house boats! It also excludes anyone that has inherited a property.)
• Anyone buying the property must intend to use the property as their only or main residence. This excludes anyone looking to buy an investment property.
• The transaction cannot be linked to any other transaction.

For many the saving of up to £2500 is the difference between being able to proceed and buy and not and is therefore a crucial part of the decision making process.

We can also help you understand whether you qualify and if so how to claim this relief so please call us on 0844 225 2061 to chat through the details.

Thu 25 Mar 2010David Bridge
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  Budget 2010 - New 5% threshold for £1m+ properties from April 2011
  For transactions completing on of after 6th April 2011 there will be a new threshold of 5&...(read more)
  Thu 25 Mar 2010by David Bridge

Budget 2010 - New 5% threshold for £1m+ properties from April 2011

For transactions completing on of after 6th April 2011 there will be a new threshold of 5% payable on purchases over £1million. This will apply to the whole purchase price.

Thu 25 Mar 2010David Bridge
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  David Bridge, Managing Director at bpl solicitors limited looks ahead to 2010 and assesses the launch of the new direct to consumer portal www.Iconvey
  The question on everyone's mind at the moment is how will this year pan out?. One thin...(read more)
  Mon 1 Mar 2010by David Bridge

David Bridge, Managing Director at bpl solicitors limited looks ahead to 2010 and assesses the launch of the new direct to consumer portal www.Iconvey

The question on everyone's mind at the moment is how will this year pan out?. One thing is for certain - the extreme weather in January has not helped the year kick off to a great start with most of our clients (and on occasions us!) snowed in or unable to get to work at some point

At bpl our staff rose to these challenges with relish and we have been able to use our technology to provide a service to all our clients despite, on some occasions, only having two or three members of staff reach the office at all! Let’s hope that the extreme weather is now behind us, but there is always a danger that the weather forecasters are no more certain than the economic kind at the moment.

On a more serious note, however, the aim for bpl in 2010 is to build on the recovery that we saw start slowly in the latter part of 2009 and a key part of this has been the successful launch of Iconvey.co.uk. This is a direct to consumer website offering competitive conveyancing quotes that are simple and transparent. Linked to bpls unique online case tracking system, the new portal offers clients unrivalled access to the services that bpl can offer and to their case 24 hours a day at a time to suit them.

It seems clear now that volumes will not bounce back to pre crisis levels for some time to come but by offering new and innovative services Icoinvey.co.uk shows that there is still demand for well priced and above all professional online property services. This is backed up by the numbers with the site registering over 220 requests for quotes since the start of January.

This ease of access to our services with the reassurance of the attention to customer service offered to all our clients has meant that the launch has been a great success with positive feedback across the board.

Going forward, Martin Lake, IT Manager at bpl and the man responsible for the development of the site commented We intend to keep the site under constant review and add new features and functions on a regular basis. Looking further ahead, the site will also ensure that we remain at the forefront of advances in econveyancing and online property services.

Iconvey.co.uk will continue to offer the best possible sale, purchase and remortgage services coupled with all the benefits of the new technologies and links to the Land Registry and other bodies within the process.

Mon 1 Mar 2010David Bridge
• 

  Review of 2009 and forward to 2010
  David Bridge, Managing Director at bpl solicitors limited looks back at 2009 and assess th...(read more)
  Tue 5 Jan 2010by David Bridge

Review of 2009 and forward to 2010

David Bridge, Managing Director at bpl solicitors limited looks back at 2009 and assess the potential for 2010

Away from politics, things certainly seem to have picked up towards the end of the 2009 and we have seen an increase in activity during November and December - months that are traditionally two of the quietest months of the year.

This bodes well for 2010 and perhaps signals that some of the pent up demand in the market is finally beginning to see the light at the end of the tunnel.

Overall according to Nationwide Building Society figures released at the end of December, house prices rose a staggering 6% across the whole of 2009 and this figure seems likely to be reflected in the other statistical releases due shortly from the other large lenders. This was certainly not expected by the experts at the start of the year!

The reasons are complex, but much of the rise seems to rest on the lack of supply. For any market to function properly, you need to have a good supply of quality stock, but the feedback from the estate agents, with whom we work very closely across the country, is that this has been in short supply in 2009 as people ride out the worst effects of the financial crisis.

This lack of supply has kept transaction volumes subdued and wherever you have a lack of supply, the price for your product will inevitably increase.

A word of caution is called for, however. All this can still change rapidly depending on external factors beyond our control. For example, a sudden rise in interest rates or a sharp rise in unemployment could see a flood of cheap property released into the market and this could create a counter reaction leading to significant price reductions.

Overall though I am very positive about the outlook for next year and I think that settled interest rates, increasing volumes and lenders easing their ability to lend, all in proportion could lead to a sustained recovery over time.

In fairness the only real comment that seems safe to make is that in the current market you have to expect the unexpected!

In the meantime, here at bpl we will continue to look for new ways to improve our service delivery to you through all the markets in which we operate including our new Iconvey portal, so watch this space in the New Year for some new innovative products!

Tue 5 Jan 2010David Bridge
• 

  Comment on Pre Budget Report
  There was not much for the property market in this month's statement. Despite the b...(read more)
  Wed 23 Dec 2009by David Bridge

Comment on Pre Budget Report

There was not much for the property market in this month's statement.

Despite the best efforts of the property world in lobbying the Chancellor, he declined the opportunity to extend the SDLT holiday and so the threshold reverts back to £125,000 from 1st January 2010.

David Bridge, Managing Director of bpl solicitors limited commented: "It is uncertain how many transactions have benefitted from this holiday as figures range from the Chancellor's 240,000 to a more realistic 130,000, but it has clearly been a significant help to first time buyers. With this help removed and continuing uncertainty within the overall economy, the jury is still out over the prospects for next year."

With average prices hovering around the £160,000 mark, life will still be hard for the first time buyer without a significant deposit.

The Chancellor also confirmed that VAT would rise back to 17.5% from 1st January 2010 as expected.

Overall, the Chancellor seems to have backed away from any further stimulus for the housing market presumably on the back of the better headline statistics that we have all seen recently.

However, David Bridge commented: "The Chancellor has not addressed the issues that would really make a difference to the market - increased lending. We need to see an increase in the volume of transactions to meet pent up demand and that this is a totally separate issue to property prices. A functioning market needs sales to call itself a market and over the past 18 months this has not been the case."

Accurate figures on volumes are hard to come by, but using the published Land Registry Property Index as a reliable source, transactions in England and Wales are running at on average as follows:

Jan - Aug 2007: 106,000 per month

Jan - Aug 2008: 58,000 per month
Jan - Aug 2009: 42,000 per month

"Only an increase in transaction volumes can create the return to a properly functioning market and as the figures show - there is a long way to go with no political acknowledgement or help for this."

Wed 23 Dec 2009David Bridge
• 

  Postal Strike Update
  With threats of industrial action in the postal service, it is important that transactions...(read more)
  Fri 23 Oct 2009by David Bridge

Postal Strike Update

With threats of industrial action in the postal service, it is important that transactions are not delayed as a result. We are very happy to work where possible via email and fax and to work with our clients to provide practical solutions to any problems that may occur. As always, communication between all of the parties in the transaction remains a key tool in ensuring that clients are able to progress their matter with as little disruption as possible. The BBC news website has listed some helpful alternative services that can be used if needed, although as you can imagine these do come at additional cost. The various options can be viewed at: http://news.bbc.co.uk/1/hi/business/8297025.stm

Fri 23 Oct 2009David Bridge
• 

  Help with HOMEBUY
  HomeBuy is a government backed assistance scheme helping buyers to get their first foot on...(read more)
  Fri 23 Oct 2009by Clive Dickman

Help with HOMEBUY

HomeBuy is a government backed assistance scheme helping buyers to get their first foot on the property ladder. In fact it’s not one scheme but a range of plans administered in local areas by Home Buy agents working with local authorities and housing associations.
The HomeBuy scheme target particulars groups such as first time buyers and key workers. The scheme has a secondary effect of supporting the new build sector as many HomeBuy transactions will be new homes.
HomeBuy helps people earning less than £60,000 to buy a property on the open market that suits their household needs . Existing tenants in social housing and key workers are given top priority.


Fri 23 Oct 2009Clive Dickman
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  Mortgage approvals still rising
  The number of new mortgages approved by the main UK banks for house purchase is still risi...(read more)
  Fri 23 Oct 2009by Clive Dickman

Mortgage approvals still rising

The number of new mortgages approved by the main UK banks for house purchase is still rising, according to the British Bankers' Association (BBA).
Banks, which currently account for most new mortgages, approved 42,100 home loans for house buyers in September, up from 40,100 in August.
Bank mortgage approvals are now 77% higher than a year ago.
The BBA said approvals had now been "rising steadily" for the past eight months.
It added that the number of new loans for house purchase was back to the level last seen at the end of 2007.

Fri 23 Oct 2009Clive Dickman
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  iconvey launches!
  we are proud to announce the launch of our new, direct to consumer conveyancing website
  Mon 19 Oct 2009by Clive Dickman

iconvey launches!

we are proud to announce the launch of our new, direct to consumer conveyancing website

Mon 19 Oct 2009Clive Dickman
• 

  Stamp Duty (SDLT) Review
  In 2008, the government announced as part of its emergency package to aid the rapidly disi...(read more)
  Mon 19 Oct 2009by David Bridge

Stamp Duty (SDLT) Review

In 2008, the government announced as part of its emergency package to aid the rapidly disintegrated housing market, a temporary increase in the price at which SDLT becomes payable.
Originally only scheduled to last for a year and to come to an end in September 2009, this was extended in the last budget and will now remain in place until the end of December.
The threshold was raised to £175,000 creating a much needed saving, especially at first time buyer and investor level. Buyers struggling to find increased deposits benefit significantly from the savings afforded.
It was widely anticipated that this temporary increase would lead to a late summer rush to take advantage of the savings but as the market progressed it is hard to say that this has been the case with recovery taking longer than perhaps was anticipated at the time.
The question now is whether its removal at the end of December will create a last minute rush or whether the time of year will mask that.
Whichever way that goes, it is worth rememberingif you are thinking of purchasing that unless there is a change in policy in the pre budget statement in November, this benefit will be removed and if, therefore you want to take advantage, then you need to ensure that you move now. The savings could be as much as £1,750 - not an insignificant sum in such times - and a sum that could almost certainly be better used towards the deposit!

Mon 19 Oct 2009David Bridge