Morgan Jones and Pett are solicitors who provide legal advice and services to clients based in England and Wales and who can be contacted on 01603877000 or via email at firstname.lastname@example.org
David Pett is a partner with Morgan Jones and Pett and can be contacted HERE: CLICK TO E-MAIL
Solicitors despite the image some may give through poor client relations do understand that moving home is stressful and for the client is one of the most important lifetime experiences. We know that you are worried about the transaction falling through before contracts are exchanged; we also know that making arrangements to move in to a home are fraught with complexity and expense. We recogonise that you expect given this anxiety to be regularly informed about what is happening. This is understandable.
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Buying a home can be stressful and often leads to anxiety. Those like myself who work in the industry understand this and though we work hard to take steps to ensure the stress is kept to its minimum, we are often left feeling equally frustrated.
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The rate of stamp duty is set to rise from four to five per cent on April 6, meaning that a day could make a difference on high value properties of over £10,000 in tax. It is reported today that this has brought about an increase in buyers looking to purchase homes worth in excess of 1 million. The figures published show 'properties for sale in the £1 million-plus bracket has already undergone a 39 per cent boom this month - and there are 46 per cent more in the above-£5 million category'. The expectation however is that could following April create a vacuum in the market.
At MJP Solicitors we are able to put purchasers in touch with Tax Planners to explore options on possible Stamp Duty reductions. Email Davidpett@m-j-p.co.uk for further details.
We are still witnessing a continuation of the trend of falling house prices, although the fall in supply of housing stock did go some way towards supporting prices in December. The biggest problem at present is a fall in transaction levels made worse before Christmas due to poor weather conditions. The increase in some areas of the country of demand over supply has helped to raise levels of optimism amongst certain professionals. The biggest rise in confidence levels has been in London and the South East whereas prices continue to fall within Scotland, Northern Ireland and North of England.
The lack of credit and rising unemployment seem to be the main cause of a fall in demand. Although the unemployment rate remained at 7.9%, the number of people out of work rose by 49K to almost 2.5m over the three months to the end of November. Job insecurity and with the announcement today of a fall in growth suggests that unless we see a sudden change in Government Policy it is unlikely that this snapshot of the Housing Market is unlikely to change in the immediate future.