In order to safeguard you from property fraud, i.e. someone pretending to be you selling or mortgaging your property, the Land Registry have introduced a restriction that can be entered on the title of your property. The restriction is designed to help prevent forgery and it does this by requiring the Land Registry to notify you of any proposed dealing with your property at the address/email registered for you at the Land Registry. If you have a buy to let you should always have your residential address registered at the Land Registry for correspondence or an email address.

POWER OF ATTORNEY
Die without a Will and you don't choose where your assets go - not good. Yet if you lose your faculties, whether due to stroke, accident or dementia, without a Lasting Power of Attorney (LPA), your assets could be locked down - even stopping your family paying for your care. It's not an age thing either: Every grown-up with assets should consider an LPA. Relatives can't just access your cash if you lose your faculties, not even to pay for your care or mortgage. One person develops dementia every 3 minutes, others lose capacity in a variety of ways. It's often quick. And when your family are already under stress dealing with your condition, without an LPA, the only way to take charge of your finances is via the Court of Protection. Expensive and time consuming. With an LPA you nominate a trusted friend or relative to take control of your assets ONLY if you lose capacity. It's a bit like an insurance policy in case the worst happens.

Time to consider if you need to make a new Will. From 6 April 2017 there is to be a new residence nil rate band if a person leaves their main home to their children, grandchildren or great grandchildren when they die. This will initially be an additional £100,000 in 2017 to 2018 rising to £125,000 in 2018 to 2019, £150,000 in 2019 to 200 and to £175,000 in 2020 to 2021. Thereafter it will increase in line with the Consumer Price Index from 2021 to 2022. The rate will be reduced for any main residence worth more than £2m.

Good News for first time buyers as the Chancellor has announced in the budget a reduction of stamp duty for first time buyers with immediate effect.  If you think you may be affected by this change then please contact us for further information.