Designed to de-risk the process of obtaining mortgages for self built and custom built properties, it allows local authorities with land to develop to both attract buyers and retain control over developments until completed.
Based on the existing local authority mortgage scheme, which has already been successfully used by 100 local authorities, the Custom and Self Build Scheme (CSB) has been launched by Capita Asset Services and Lloyds Banking Group.
Posted in Construction First Time Buyer Mortgage by .
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The Bill makes changes to the way that Stamp Duty Land Tax (SDLT) is calculated, making most home buyers in England and Wales pay a lower rate of SDLT.
New rules for England and Wales will mean that home buyers are charged:
The news discounted rates apply to several high loan-to-value deals.
A 95 per cent loan-to-value two-year discount mortgage is down from 3.85 per cent to 3.49 per cent and a 95 per cent LTV two-year fix has been cut from 4.75 per cent to 4.59 per cent.
A five-year fix, available up to 90 per cent LTV, has been cut from 4.29 per cent to 3.99 per cent, while the 85 per cent LTV version has been cut from 3.85 per cent to 3.35 per cent.
Jan 15
15
Fleet issues first mortgage offer
The product was a 2-year Buy-to-Let remortgage of 3.29% to 75% LTV on a four-bedroom house in the South East.
The application was delivered by Buy to Let Club managing director Ying Tan to Fleet’s sales director Ross Turrell.
Posted in Buy-To-Let Mortgage by .
The think tank also suggested that tenants should receive guarantees that their rent will not increase above inflation.
In a report entitled The Future of Private Renting, Civitas called for a new regulatory regime in the private rental sector which would prevent landlords exploiting the shortage of homes at the expense of tenants and taxpayers.
Posted in Landlord Law Prices Renting by .
Jan 15
8
Lenders increase proc fees
For all new residential mortgage applications received by Skipton Intermediaries, proc fees will rise to 0.40 per cent payable on completion. The new gross rate applies to both directly authorised brokers (DAs) and appointed representatives (ARs).
Last year Skipton increased its buy-to-let proc fees by 15 basis points from 0.35 per cent to 0.50 per cent.
Posted in Buy-To-Let Finances Mortgage by .
The government has announced measures aimed at controlling the spread of non-native plants, including the invasive Japanese knotweed and those who fail to identify, destroy and remove these plants from their property could be fined up to £2,500 or be given an anti-social behaviour order (ASBO).
According to Alison Wacey, a partner at Stratford on Avon firm Lodders Solicitors, both vendors and purchasers of residential property are now deemed to have a duty of care when it comes to selling and buying houses:
The 58-page paper, written by Daniel Bentley of Civitas, claims the UK’s housing market is “a mess” because of a combination of a lack of houses being built and an economic environment which encourages investors to buy up existing housing stock without increasing supply.
To combat this Mr Bentley’s paper, called The Future of Private Renting, said indefinite leases should be introduced as the norm while in-tenancy rent increases should be restricted to an index-linked ceiling.
Posted in Buy-To-Let Finances Renting by .
The properties will be allowed to fall into the sea because the cost of protecting them would be far greater than their value.
There is no compensation scheme in place for homeowners who lose their houses to erosion, and insurance is often difficult to obtain on the most vulnerable properties.
Posted in Important Interesting Your Home by .
Landlords in the West Midlands are already compelled to check the immigration status of would be tenants under a pilot scheme that is set to be rolled out across the country next year.
However, as study, conducted by online letting agent PropertyLetByUs, has found that nine out of 10 landlords don’t fully understand the immigration checks and a further nine out of 10 landlords believe that the new immigration legislation places too much responsibility on them.
The research also reveals that 100% of landlords intend to rely on their letting agent or reference agency to conduct the checks and 93% of landlords don’t feel confident making the checks themselves.
Posted in Landlord Law News by .
