There are a lot of questions that pop up when buying a house with one of the most common ones being whether or not you need to have a will in place to make the purchase. While the short answer is no, a will is not legally required, it can make a lot of sense to put one in place.

Why create a will?

A will is a legal document that helps to sort out your affairs and settle your estate in the case of your death. This can be very helpful if there are several possible beneficiaries, as it ensures that your property and belongings are passed on to the individual(s) of your choice.

This can help to minimise tension between beneficiaries by creating a smooth and easy process to follow when distributing your estate. Furthermore, it allows you to ensure that any minor children are cared for financially until they are of legal age to take control of their inheritance.

Will I own my house if I die?

If you have a mortgage then it is highly recommended that you take out life insurance. This means that even if you only have a small amount of equity in your property, with the mortgage covering the rest, the house will be paid off if you die. Having life insurance can drastically reduce the stress and worry that your partner or dependants will face and will ensure that they can keep a roof over their heads. More...

The approach of the 2015 General Election has brought with it a vast array of pomp, policies and promises intended to secure the votes of the equally diverse factions of the UK public.

But before campaigning began in earnest, a plan was unveiled by George Osborne in March’s budget which promised first-time buyers up to £3000 in Government top-ups. For every £200 aspiring homeowners save, Osborne said, the Government will boost the amount by an extra £50, with a maximum pay out of £3000 for those who save £12,000.

On the surface the proposition certainly seems attractive, but what about the small print? We take a look at the pros and cons of Osborne’s Home Buyers’ ISA to help first time buyers make up their mind come election day.

The Home Buyer’s ISA – The Pros

Even for those in a steady job who can afford monthly mortgage payments, saving up thousands of pounds for a deposit can be impossible. In fact, according to Stephen Noakes of Lloyds Banking Group, saving for a deposit is a ‘key barrier when trying to buy a first home’. Osborne’s ISA will reward positive savings behaviour and make a real difference in helping people get a foot on the property ladder. More...

Labour’s pre-election pledge to tax owners of properties over £2million was greeted with mixed reviews when it was unveiled in September last year.

Critics of Labour’s mansion tax say that it could be “very disruptive” to the housing market, whereas supporters claim that wealth taxation will have a positive effect on the public purse.

But what exactly is the mansion tax? And how would it affect those looking to buy and sell higher value property in Wales? Find out more by reading this brief overview from Howells Solicitors. 

Mansion Tax – Explained

The mansion tax, if put into place, would be an annual tax on properties worth over £2million. The vast majority of houses in the UK are worth far less than this, and as such the tax would apply to less than 0.5% of homes in the country. The £2million threshold would rise in line with the average rise of prices of high-value properties – so the number of properties paying the tax will not increase unless more are built. More...

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...

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...