Leasehold v Freehold.
The biggest difference is whether you own your home or you have a landlord, on a freehold property you own your home, with a leasehold property you will have a ..link
Help to buy a house with an ISAs.
The new, 'Help to buy' ISA is designed to help first time buyers save for a deposit for their first home, with the inducement of an extra 25% added by the government, we look at how the ISA works and who is eligible for them.
How the ISA works.
Launched in 2015 the new ISA is designed to give first time buyers a structure for saving for a deposit with the assistance of the government.
The government will top your savings up by an additional 25%, so if you are a first time buyer and you save £2000 a year the government will increase your fund by £500.
There are restrictions on the amount you can save in the, 'help to buy' ISA, the maximum saving is £12,000 and therefore the maximum contribution by the government is £3000, there is also a minimum level of savings which is £1600 making your fund £2,000 when the government contribution is added.
When you open an ISA you can begin with a deposit of £1,000.
The ISAs are personal, not restricted to a property, so if you are part of a couple you can have two.
You will not see the government deposit until you buy a property and it will be paid directly to your mortgage lender, so it will not attract interest.
Do you qualify?
You qualify if you are 16 and over, you must be a first time buyer and are buying a property worth under £250,000 if outside London £450,000 if in London.
You cannot use the ISA if you intend to rent out the property or are buying outside the UK.
Also you can only have one Help to buy ISA and open only one ISA of any type in the same tax year (start of tax year 6th April).
The bad news
They are not available until the autumn of 2015, and will only be available to open for four years.
Advice for savers
Because of the restrictions you may need advice on additional savings vehicles', speak to your bank or building society and look on line, National Savings and the Post Office often have great rates, make sure you understand risk and savings terms e.g. you don't want to tie your money up for five years if you are going to need it in two, as you will probably suffer penalties.
related news
Agricultural Law.
link
Aviation Law Solicitors.
This is a highly specialised area of the Law and covers both aircraft and their facilities as well as many other areas detailed here.
link
Charity Law Solicitors.
As a charity it is important to understand your legal obligations and rights, a Charity Law solicitor swill be able to help with this, find Charity Law Solicitors from Solicitors.com
link
Civil Liberties and Human Rights | Solicitors.com
Solicitors.com - if you are looking to take action under the Human Rights Act, understand your rights and how a solicitor can assist you.
link
Construction and Civil Engineering Law | Solicitors.com
link
Consumer Law, Consumer problems.
We have produced a few guides to help you but would recommend that you speak to a solicitor as all situations are different.
link
Education solicitors | Solicitors.com
link
Property Abroad.
If you are looking to buy a property abroad you will need expert legal advice, this section details services provided, and offers guidance on how to find a solicitor for your needs.
linkrecent articles
Flying Freehold
What is a Flying Freehold and should it matter?..
linkEnergy Performance Certificates
Energy Performance Certificates. Domestic and Commercial properties that are available to buy or rent must have an Energy Performance Certificate (EPC). What a..link
Restrictive Covenants
Restrictive covenants - If you happen across a restrictive covenant in a contract, what is it and why is it in place?..link
Government to introduce New Homes Ombudsman
The government announces a New Homes Ombudsman to protect consume..
linkDiverted Profits Tax
Diverted Profits Tax - With effect from this April, foreign companies selling to customers in the UK will be liable for UK tax on profits...link
Buying the Freehold of a Leasehold Property
Guide to buying the Freehold of a Leasehold Property.
The logic of leasehold is hard to understand at times, that you can buy a home but not own the land it ha..link
Trusts Guide
Many people use a trust to reduce inheritance tax, if you put an asset into a trust you no longer own it, so depending on when you die your beneficiaries may no..link
Selling a house, what do I need to declare?
As part of selling a house or flat in England and Wales you must ..
linkHelp to buy ISAs
Help to buy ISAs - The new, 'Help to buy', ISA is designed to help first time buyers save for a deposit for their first home, with the inducement of an extra 25..link
Choosing the right mortgage rate.
Fixed Rates and Discounted Rates on a Mortgage - One of the decisions you will make concerning your property, is what type of Mortgage you should choose, short ..link
Planning Law Solicitors
Planning Law Solicitors. Planning Law solicitors will undertake all aspects of Planning law. ..link
Is there anything wrong with this page? - any amendments will receive accreditation - email us link
Solicitors.com are not a firm of solicitors, and any content on the site should not be used in substitute for obtaining Legal advice from a solicitor regulated in the UK, Solicitors.com recommends that you contact a firm of solicitors to discuss your individual legal requirement. Whilst we strive to bring you accurate up to date content, all content on this site is not legal advice and is not guaranteed to be correct. Use of this site does not create a client relationship.
Information by area of law
Conveyancing Solicitors.
Step by step guide to help you understand the process of Conveyancing and moving.
link.jpg)
Criminal Solicitors.
We have put together a few guidance notes for your help with Criminal law matters, if you require a solicitors please use the search facility or ask a question.
link
Commercial law.
If you are looking for a commercial solicitor understand your options by contacting one of the 100s of commercial law firms on solicitors.com
link
Clinical or Medical Negligence Solicitors
If you are considering making a claim for Medical Negligence understand your rights and the process, find a medial compensation solicitor via solicitors.com.
link
Personal Injury Claims.
If you have suffered an injury and are looking to make an accident claim for compensation, understand how a personal injury Solicitors can help make you injury claim for you.
link
Debt Collection Solicitors.
The amount of money owing may dictate the route you take to reclaim your money, we recommend that you discuss your situation with a solicitor, or you can call the CAB on 08454 04 05 06.
link
Dental Negligence Solicitors
To undertake a dental negligence claim you must have sustained an injury or damage, as a result of the dental treatment understand the options available to you.
link
Family Law Solicitors.
Family Law Solicitors can help you resolve the problems which may arise in the break-up of relationships, including financial issues and matters concerning any children.
link
Motoring Offences Solicitors.
Will be able to assist on all areas of Motoring Law for Example Drink Driving, Dangerous Driving, Careless Driving, Totting Up, Speeding, Driving Without Insurance motor offences.
link
Will & Probate
Find a solicitor that can assist with wills, probate and estate planning in your area.
link