Are you feeling like it may be a good time for a fresh start in a new home?
Did lockdown delay your purchase or sale and now you’re ready to get things moving again?
Here at Jackson Longe, we would be delighted to assist you with your property matter! Whether you’re a first- time buyer looking for advice or, a homeowner looking for a new home – we’ve got you covered!
We’ve put together some useful information below on why now a good time is to put your foot in the door (of your new home)!
1. Is now a good time to purchase a new property?
It is indeed!
Metro have reported:
‘’ Right now, it’s a buyer’s market’’
Knight Frank Estate Agents have said house prices may have already dropped 5% since lockdown and predict a further 2% fall by the end of the year.
There are of course also currently extremely beneficial some tax breaks in place until 31st March 2021, noted below.
2. How will I benefit from the Tax Breaks and SDLT rule changes?
As reported on in our previous blog post 8th July 2020: ‘’Savings on Stamp Duty Land Tax’’ ( https://jacksonlonge.com/savings-on-stamp-duty-land-tax/) In July this year, Chancellor Rishi Sunak temporarily loosened the rules on stamp duty meaning that the tax would only be applied on properties purchased for over £500,000.00.
This means you will not pay any Stamp Duty Land Tax for a property with a purchase price below £500,000.00
For more information on this please visit the above link.
3. As a First Time Buyer, what should I consider and how will I be put at ease throughout the process?
At Jackson Longe Solicitors, we understand that purchasing a property for the first time can be daunting. We strive to provide the best client care possible. We are happy to answer all your questions about buying your property for the first time and what this may entail!
Our client, a first-time buyer, said:
‘’ Although it was our first time and there were a lot of documents to understand the process was easy going and I was happy with the service provided’’ – July 2020
It is very common for First-time buyers, to require a mortgage. From 20th July 2020 Nationwide Bank, lowered the minimum deposit required for a mortgage to just 10% (down from 15%)! They are also offering an unlimited number of 90% loan-to-value mortgages for first time buyers. Great news for all those hoping to step onto the property ladder!
Henry Jordan, director of mortgages at Nationwide Building Society, said:
“First-time buyers are vital to breathing life into the housing market and economy. We understand one of the biggest barriers to home ownership is raising a deposit.”
4. How can I initiate proceedings?
We would be delighted to assist you with your conveyancing matter!
Rest assured we have measures in place in line with government protocol to safeguard against COVID-19.