Final countdown on stamp duty holiday leaves…
As the stamp duty land tax holiday deadline approaches, we've published new guidance for under-pressure conveyancing solicitors.
The First Homes scheme would introduce a 30% minimum discount for those who wish to buy a home in their local area but cannot afford to buy a property on the open market.
The consultation covered several design and delivery aspects, including:
We have concerns that, as with Help to Buy, property practitioners could be subjected to new and unprecedented obligations to monitor and enforce the scheme.
However, we think the inclusion of a mortgagee protection clause is a positive step for ensuring mortgagee co-operation with the scheme.
From a planning perspective, we want to make sure that this scheme does not come at the expense of other schemes that could be more affordable for more people.
Our other concern is around the use of developer contributions. Tying the provision up within section 106 obligations is as easy as it is with other affordable housing tenures, although an issue will be the control the councils have on the identification of qualifying purchasers.
The proposals are likely to impact on property practitioners who carry out conveyancing and planning law work.
The consultation closed on 1 May 2020 and the government is analysing the feedback.
We’ll update this page once we have more information.