Skip to main content

Property Ladder - Tips for moving up


Today saw an interesting article published on Money Supermarket’s website focusing on tips for those moving up the property ladder.  

It reports that recent research by Lloyds TSB has revealed that those looking to buy their first home are not the only ones struggling.  The bank found that 19% of people already living in their first home and looking to move on simply do not have enough equity to do so.

The average second home is priced at £48,216 more than the average first home, which is a hefty 32% increase.

The TIPs for those looking however to make that next step include:

Get an idea of your home's value:

Websites such as www.propertypriceadvice.co.uk provide a lower, higher and average valuation depending on confidence and activity in the market. Make sure you keep a realistic view on the value.

Be prepared to take a price cut:

If your home isn't budging, be prepared to reduce the price as this might be your only option. According to the Lloyds TSB research just 13% of people will reduce the asking price if they can't sell their home at the current price

Try to keep the value to under £250,000:

The duty  jumps from 1% to 3% as soon as you break through the £250,000 mark on your new home, so try to keep under the threshold by shopping around and, of course, negotiating. Keep in mind that the average expenditure on other moving expenses is around £5,500.

Stamp Duty Tax planning may be option for those buying above £250,000.

Remember only first-time buyers who have never owned a property before are exempt from paying Stamp Duty on properties costing up to £250,000, and this exemption only applies until March 2012. If you are buying with someone else, they must never have owned property before either for the tax perk to apply.

Morgan Jones and Pett Solicitors - 01603877000



Conveyancing with prices starting at £250
Click HERE for a FREE Quote

Personal Injury and Clinical Negligence Claims
FREE Initial Advice - Click HERE to begin your Claim



Comments

Popular posts from this blog

Party Wall Act Costs - Protecting the building owner from the Highwayman

Introduction
One of the most worrying aspects of entering the Party Wall Act 1996 (Act) arena is the uncertainty surroundingfees, or as they are referred to within the Act -‘costs’.
If you are fortunate enough ( or some might say lucky enough) to have at your side a competent party wall surveyor, and one with a moral compass, the chances are you will derive a certain degree of protection.However, there is still no guarantee you will not need to set aside a considerable sum of money to cover the cost of becoming trapped within the Act.This applies equally to both building owner and adjoining owner, and one must not forget that if an adjoining owner’s surveyor does not recover all of his costs from the building owner, there is every possibility the adjoining owner may be left to meet the remaining liability.
The problem of high, unreasonable and unpredictable costs is caused, in part, by a piece of malfunctioning legislation, and patly as a result of certain unconscionable conduct on the p…

Building Regulations and moving home

Do I have supply evidence of Building Regulation Approval in respect of works carried out to my property when I look to sell my property?
If you have the approval then of course supply it – it will help to ensure your sale moves quickly.
If you have carried out works and approval was required and sought and you no longer have a certificate then call the issuing council and ask for a duplicate.
If you have carried out work, and the work required building regulation approval, but this was not sought then you need to consider with your solicitor when the work was carried out and what to do in response to your buyer’s request for sight of the approval.
The following may help.
Check that work carried out actually required building regulation approval as not all work attracts the requirement.
If the building work was carried out before November 1985 it would not require building regulation approval. There is no need therefore to supply it or offer indemnity insurance.
If work was carried out af…

Do not purchase a New Build Property without first reading this....

Buying a property which has yet to be built, or which is newly constructed should be approached with care and here are some tips which will help:
Remember those friendly and helpful people within the sales offices are sales people and are no different from those people who you would find in car and double-glazing showrooms.  They are paid on results and work under the pressure of targets.   Once they have you signed up they will be your best friend and be in regular, sometimes daily, contact until they have collected all of you money.   There are many instances when this shadowing could be conceived as harassment.At the outset you will be asked about whether you have a mortgage and a solicitor to undertake the legal work.   You will be steered towards making use of the developers preferred brokers and solicitors.  These are ‘partners’ who have been chosen to work with the developer as the developer expects those partners to report to them regularly and to do all they can to ensure the …