Howells Solicitors are delighted to announce that we have completed 294 of the 1000 purchases of new homes in Wales using the Help-to-Buy-Wales scheme.

First Anniversary of Help-to-Buy-Wales

On the first anniversary of the Help-to-Buy-Wales scheme, the initiative celebrates the completion of the purchase of the 1,000th home bought through this scheme. The law firm responsible for completing the first sale using this scheme in February 2013 has been appointed by a further 293 clients to represent them in the sales process.

A Year of Success for Howells

This achievement is the culmination of a record and awarding winning year for the conveyancing department of the law firm. On average they have completed 800 residential purchases each month and in September were named as the Best Regional Conveyancing Firm of 2014 for the Wales and West Midlands region at the prestigious Law Firm Services Awards.

Mark Hobbs, managing partner of Howells Solicitors said, “We’re delighted to have been chosen to represent a record number of clients in 2014 and receive the award as recognition of the quality of work and high level of customer service provided by the conveyancing teams.”More...

The Chancellor of the Exchequer, George Osborne, has today (December 3rd 2014) revealed a new regime for Stamp Duty Land Tax, which will produce a much lower tax change for most buyers.

Commenting on the Stamp Duty Land Tax Reforms announced yesterday in the Autumn Statement, Mark Hobbs, managing partner of Howells Solicitors’, Wales’ largest residential practice welcomed the changes saying that they were “sensible and good for the market.”

The law firm is responsible for over 800 residential property completions each month. Although the immediate changes to the system have resulted in the accounts department at the law firm working overtime to ensure potential complications caused by the reforms for home buyers due to complete today and in the next couple of days are managed accordingly, they do allow clients to chose whether to pay the tax at the new or current rate depending on which is best for the buyer.

Mr Hobbs said, “The reforms remove the big hikes in Stamp Duty at former pinch points especially for properties in the £250,000 and £500,000 categories. Big savings in the middle market will push more sales along next year which might counter the traditional pre election lull. One could argue that it is a clever political move by The Chancellor of the Exchequer as it placates those calling for the introduction of a Mansion Tax but from a conveyancing viewpoint the reforms are fair and will benefit those taking their first steps on the property ladder as well as those moving up it.” More...

It’s common knowledge that, as the nights draw in and temperatures drop, the housing market starts slowing down.

Information from the Land Registry clearly shows a marked drop off in completed property transactions in the first quarter of each year in Wales.

Between Q4 and Q1 in both 2012 and 2013, there was a fall of 25%. Given that each property usually takes between 8 and 12 weeks to formalise, it’s clear that the Christmas period has a marked impact on property sales.

But there is a school of thought that suggests that prospective buyers and sellers could do well by acting during the cold, dark winter months. More...

In our FAQ series we look at the very common problem of people who have leaseholds that are running out.

Q: We have bought a leasehold house but have read that we may struggle to re-mortgage the property as there is only about 70 years left on the lease. Should we think about buying the freehold?

A: Yes, what you have read is correct and most major lenders will insist on there being at least 65 years left on the lease. This is so that they can ensure that there is sufficient security in the property before they lend against it.

The longer you leave the lease to run down, the more expensive the freehold will become; so the sooner you purchase it, the better it will be for you. Under the Leasehold Reform Act you have the right to buy the freehold as long as you have owned the property for two years at the time of making your claim. More...

The next question that Howells solicitors will be answering in our FAQ series, regards the rights to your property when having a partner move in with you.

Q: Several years ago my husband died and left me with the family home which is now mortgage-free. In the last year I have met someone else and we are talking about living together.

I’ve been warned that I should get something legally written up to protect me from losing my house if things don’t work out between us. Is my partner entitled to half my house, what do I need to do in this situation?

A: How you should proceed here depends on the relationship progression. If you do not get married and keep the house in your name then you won’t need to do anything as he will have no legal rights to your home. However, if you transfer the property into joint names or if you take out a joints mortgage to make improvements then things can become more complicated.  More...