Got a property situation you would like free advice on?
- Why not come to the New TWP Wednesday Perspective on either the 7th or 21st March and put your question to our Property Team.
- Areas for discussion include all Property related matters such as how the conveyancing process works on a sale, remortgage or purchase transactions and discussing how transfers of equity will work on the breakdown of a relationship.
- Our legal clinic will be open from 5pm until 6.30pm. No appointments are necessary, however please note that the duration may be restricted.
- If you cannot attend then why not put your question to our newly launched Online Legal Clinic (click to go to form).
FREE CLINICS: March Wednesday 7th & 21st 5.00 - 6.30pm
Online Legal Clinic: Responses
Question:
I am separating from my partner and the bank have said I can take on the mortgage on my own. What do I need to do?
Answer:
There are a number of things you will need to consider. If you and your partner have lived in the house for a long time it is likely that there will be some equity in it. You will have to decide how this will be split between you. If you have a Declaration of Trust this will help as this document evidences how shares in the property are split between you. If not, then you may need to instruct a valuer to value the house and then agree a settlement figure with your ex-partner. We can help you with this should you need us to.
After your shares have been decided and, if there is any money to be paid to your ex-partner on completion of the transfer, you will have to decide how this money will be raised – will your mortgageecover it? Will it be from savings or a loan? We can then act for you on the transfer of equity from you and your ex-partner to you. We will also act for your mortgagee and will comply with any requirements they might have.
TWP can act for you on any transfer of equity – whether there is money exchanging hands or not. For more information please call Clare or Ann on 0161 442 6240.
Question:
I am a first time buyer. Will I pay any stamp duty?
Answer:
Currently first time buyers are given first time buyer relief by the government. However, this will come to an end on 24th March 2012. Therefore, if you want to buy you should press on with this as soon as possible as completion of your purchase must happen before this date. From 24th March stamp duty will be payable on properties purchased for more than £125000, where as now you will only pay stamp duty on a purchase of £250000 and more. That means that should you buy a house for £240,000 now you will pay nothing in stamp duty. However, if you buy on 24th March you will pay £2400.00. TWP are keen to give first time buyers a helping hand in getting them onto the property ladder and will offer competitive rates on your conveyancing and the personal service you will need when making thatfirst big step of becoming a home owner. For any advice of for a no obligation quotation please call Clare or Ann on 0161 442 6240.
