Surrey Homes | SH114 | July 2024 | Property Supplement inside

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sponsors The Priceless Property Supplement HOW TO GET READY TO BUY OR SELL The experts at Whitehead Monckton tell us how to be prepared With inflation down and the Bank of England expected to cut the base rate soon, high street lenders have been encouraged to drop their mortgage rates. Cuts of up to 0.45% are expected to boost house sales, which have shown an upturn already this year – Zoopla predicts 2024’s housing market sales are on track for a 10% increase on 2023. But with the house sale process averaging around 12 weeks, and unexpected setbacks often adding 8 weeks or more, motivated movers need to get organised. The factors that affect getting a sale over the line swiftly are often lost or mislaid paperwork or failing to get financial matters and in-principle mortgage offers sorted before starting the process. Once underway, delays are frequently caused by slow mortgage valuations and surveys or local searches to identify planning matters. And the longer the chain of buyers and sellers, the higher the likelihood of delays. For those selling an old family home, the bumps in the road are often due to title deeds. Land or property transactions must be registered at the Land Registry, and since 1991 all titles have been stored electronically, making them easily accessible for all. But if no transactions have taken place since 1991, all deeds and documents will still be in paper form. Many properties are still not registered electronically and in the event of such a sale, paperwork has to be found and submitted to the Land Registry, adding to the timeline. If a property isn’t registered digitally, owners would ideally get this sorted before the property goes on the market. Even if your property is on the digital register, you may have relevant deeds and conveyancing documents with details that do not appear in digital records. You also need any paperwork relating to modifications that needed planning permission or building regulations consent (or for leasehold property, any works requiring approval by the freeholder). Certificates will need to show these aspects have been properly followed through. Sellers who want to get ready before they go to market should ensure their solicitor has examined the title, lined up all the paperwork, anticipated any problems and dealt with them in advance. This means they are ready to act immediately when a buyer is found, avoiding delay later and potential fall-out. For more advice and information visit whitehead-monckton.co.uk Quick check list: Instruct a lawyer when you put your house on the market or, if you have nothing to sell, when you start your house search Find all the conveyancing paperwork from when you bought the property including any documents proving ownership and the title to the property Check you have all documents needed, including planning permission and building regulations for any works carried out (by you or previous owners), as well as installer and product certificates (for gas, oil or electrical works and for windows) Request an up-to-date management pack if the property is leasehold When you receive an offer, check if the buyer is well prepared with legal and financial matters in place before accepting, or give a deadline for arrangements to be made before you accept Every source of funds must be validated and sources checked. If a deposit or capital contribution is being gifted or loaned to you or your buyer, make sure it is cleared through the necessary money laundering process well in advance Keep a calendar to check the validity of your mortgage offer and other time-sensitive components, and apply for any necessary extensions in good time Ask about holidays from everyone in the chain and their lawyers, to enable forward planning and avoid last minute derailments How are elections affecting the property market? Duane Bridger, Solicitor at Bridger’s Law, shares his perspective on how politics is currently having a big influence on property Up and coming elections are fertile ground for speculation about the property market. Why? Votes. Any incoming party wishes to fly the flag that you will have more money in your pocket. And there are usually 3 amigos when an election is looming – Capital Gains Tax; Stamp Duty Land Tax and Inheritance Tax. Capital Gains Tax has recently dropped from 28% to 24%. Meanwhile there has been talk of abolishing Inheritance Tax entirely. The government receives more than £7.5 billion this way (about 0.3% of the GDP). It has little if any effect on the housing market, but the housing market has a huge effect on the economy, which is why Mr Sunak introduced the Stamp Duty Land Tax holiday, driving the housing market to new thresholds. When it comes to Stamp Duty Land Tax, currently no tax is payable on any purchases up to £250,000 (unless it’s an additional home). The current Stamp Duty temporary relief is set to end on 31st March 2025. From 1 April 2025 this will drop to the first £125,000. Why did Mr Sunak introduce the Stamp Duty Land Tax holiday? Think of the number of people who take home a pay packet because you buy and/or sell your home: mortgage brokers, solicitors, estate agents, surveyors, chippies, electricians, landscapers, decorators, banks etc. Less Stamp Duty means more people have more money in their pocket. More money combined with a shortage of houses drives prices up. Inflation is dropping and it won’t be long before the Bank of England must cave in to lower interest rates. Lower interest rates mean lower monthly repayments which means you are able to borrow more. Once again, this often pushes house prices up. Currently there isn’t that much wriggle room for the government because money is tight due to the slow Covid economic recovery, as well as the war, which have been demanding a larger portion of the GDP, but will that prevent the ruling party from introducing cuts and kicking the financial can down the road? You’ll need to polish that crystal ball to predict what will happen, but my money is on the housing market wheels being well greased after the 4th July 2024. Get in touch by calling 01795 505992, emailing helpme@bridgerslaw.co.uk or visit bridgerslaw.co.uk priceless-magazines.com 80
Surrey’s Premier Builder Upfold Construction Ltd has been established for over 15 years and is a domestic builder providing services throughout Surrey, West Sussex and Hampshire. Located in Cranleigh we are perfectly placed to offer a total building service to those clients seeking a local, professional and reliable builder. We carry out all aspects of building from extensions, renovations to a complete home refurbishment. Our expertise allows us to provide you with a We are aware this is your home and will work closely with you throughout the entire project enabling you to achieve your dream home. Both James Upfold, our Managing Director, and the company are members of the Chartered Institute of Building guaranteeing we are committed to giving quality of product, services and integrity of conduct. Concern for your needs as our client is paramount. 01483 600335 email info@upfoldconstruction.co.uk or visit www.upfoldconstruction.co.uk SurreyOakBarnsWT254-A4.indd 1 19/06/2023 15:45:31
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Surrey Homes | SH114 | July 2024 | Property Supplement inside

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