News

Cafcass Statistics Confirm Care Applications Have Increased (2)

Cafcass confirm an 18% increase in Care Applications since April 2014.

Read more: Cafcass Statistics Confirm Care Applications Have Increased (2)

Lease Extension Case Goes to Full Hearing

Park Homes Update - Lease Extension

Read more: Lease Extension Case Goes to Full Hearing

CICA Appeal Tribunal Success

CICA Appeal Tribunal Success - £500,000 Award by Plymouth Tribunal

Read more: CICA Appeal Tribunal Success

Park Home Site Rules

Are you aware what has happened on your site in relation to site rules?

The date has now passed where “old” site rules (in essence those before the changes by Mobile Homes Act 2013 came into force) no longer have any effect.  Your site will therefore have no site rules unless your site owner has followed through the process in the new regulations to put into place new site rules. This includes the need for the rules to be deposited with your local authority and proper notice given to that effect to all home owners.

Having checked with some authorities it is clear that although many sites now have their new rules in place, a number do not.

Partner Tim Selley says “this is likely to mean on those sites that no rules presently are in place and can therefore be enforced either by the site owner or home owners..  This might lead to problems for instance with an “age rule” not being binding or one as to pets.  Also it might give the impression to home owners that some previous rules, for instance giving the site owner a “say” on a sale  may still apply  when they do not”

If you are concerned about this on your site Tim is happy to discuss with you.  He can be contacted on 01392 678694 or emailed on This email address is being protected from spambots. You need JavaScript enabled to view it..

 

 

 

Early Christmas Cheer for Home Buyers

Stamp Duty Changes - December 2014

Following the Autumn Statement from Chancellor George Osborne yesterday, changes to the Stamp Duty Land Tax to be paid by Home Buyers were introduced with effect from midnight on 3rd December 2014.  The new method of calculation of Stamp Duty will benefit the majority of Home Buyers although those buying around the £1 million mark and above will see an increase in the level of SDLT paid.

The former method of calculating SDLT centred around which price bracket the property price fell within and would then have the SDLT calculated around which SDLT thresholds the price fell between. The new system means that SDLT is calculated on each portion of the price within the relevant bands – the bracket of £0 - £125,000 still remains as nil SDLT to be paid, with the other existing bracket of £125,001-£250,000 showing an SDLT rate of 2%  SDLT being charged on the portion of the purchase price which fell within that bracket. This would mean that if you had a purchase price of £195,000, then you would pay no SDLT duty on the part of that purchase price up to £125,000 but, for the remaining £70,000 element of the price, you would pay 2% SDLT of that £70,000 - £1,400 Stamp Duty Land Tax in total, which would be a saving of ££450 based on the old system.

A new bracket of £250,001 - £925,000 has been introduced, where SDLT at 5% is charged for the portion of the price which fell within this bracket – properties within this price bracket still make a saving on SDLT against the old system.

A link to the HMRC website is attached showing the new banding system and we have attached our own calculation sheet which might assist in calculating the SDLT payable on a purchase transaction.

The key date to consider here is midnight of 3rd December – for all purchase transactions where exchange of Contracts and completion have taken place on or after 4th December, then you will be entitled to benefit from the new rules. If you completed your sale before 4th December, then you would not be able to claim the benefit of the new SDLT provisions, and would still have to pay the SDLT calculated on the old system.

If you have exchanged Contracts before 4th December but, have not completed until 4th December, or later, then you will be able to choose whether you wish to pay SDLT under the old or new rules, although in most instances with properties priced under £1million, you would make a saving under the new rulings.

For further clarification or queries with guidance or assistance on the new SDLT system, please do not hesitate to contact our Property Department on 01392-258451.

 

PURCHASE PRICE

Stamp Duty Bracket            Percentage         Purchase price          Amount payable

0 - £125,000                        Zero                     Up to £125,000         £0.00

£125,0001 to £250,000        2%

£250,001 to £925,000          5%

£925,001 to £1.5 million       10%

Over 1.5 million                     12%

Total

 

Stamp Duty Land Tax (SDLT) rates for residential property from 4 December 2014 https://www.gov.uk/government/publications/rates-and-allowances-stamp-duty-land-tax/rates-and-allowances-stamp-duty-land-tax#stamp-duty-land-tax-sdlt-rates-for-residential-property-from-4-december-2014

 

 

 

 

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