The Help to Buy scheme has been extended to compensate for the delays in building work due to the coronavirus outbreak. Under the current scheme, work on new homes would have to be finished by the end of December – the extension will mean the deadline will now move to 28 February 2021. The deadline for the legal completion of the sale will remain the same – 31 March 2021.
The High Court has settled a dispute between a father and son over whether money was ‘loaned or gifted’ to buy a home. The father had been a successful builder and property developer who owned numerous residential properties. He and his son had been directors of a building company which owned a commercial property; the son also owned several other properties transferred to him by the father at an undervalue.
Rishi Sunak, chancellor of the exchequer, announced that residential property transactions costing up to £500,000 will be exempt from stamp duty land tax (SDLT) until 31 March 2021. The previous figure was £125,000.
The government’s housing agency, Homes England, has acquired 19 sites across the country that will be used to build 5,000 new homes.
Homes England has issued a new updated guide to the Help to Buy equity loan scheme, which has helped thousands of people get on to the property ladder. These are some of the main points covered…
Homes England has issued advice for Help to Buy: Equity Loan customers on how they can proceed with purchasing a home during the Covid-19 outbreak. It says that many people are worried because the situation seems so uncertain. In response, it has published a document containing the answers to some frequently asked questions. These are some of the main issues covered:
A digital questionnaire designed to make home moving ‘cheaper, quicker and less stressful’ is now being tested in a pilot scheme. The Buying and Selling Property Information (BASPI) has been developed by the Home Buying and Selling Group, an organisation made up of property specialists including solicitors, estate agents and mortgage advisers.
The government has pledged to provide more affordable homes and to clamp down on leasehold abuses on newbuild properties. The measures were announced in the Queen’s Speech
The government wants to introduce a package of measures to help people on lower incomes get on to the housing ladder. It’s reviewing a new national model for shared ownership to make it easier for people to buy more of their own home, including allowing
Homeowners buying a property under Help to Buy are now allowed to take out 35-year mortgages. The government has moved to close what it describes as a loophole, which has seen purchasers using the scheme facing difficulties and uncertainty if they wanted to take out a mortgage with a term of more than 25 years