Is 2018 A Difficult Year For Property Searches In The UK ?

The doing away of stamp duty for first-time buyers, Brexit negotiations, leasehold sales changes and the anticipated rise in interest rates are issues that are creating a lot of anxiety and apprehension in the minds of home sellers as well as buyers in many parts of the UK such as Haringey and Tower Hamlets. Consequently, this has given rise to a lot of complications and complexities to the legal transactions with regards to property.

Let us discuss some of the key issues that are perplexing to a lot of legal experts as well as lay people who are conducting property searches.

Stamp Duty Land Tax

As per the new Stamp Duty Land Tax, first-time buyers do not have to pay taxes on properties worth up to 3, 00,000 pounds. Unfortunately, from a bureaucratic stand-point, residential property transactions now come at 4 different rates – first-time buyers, limited company purchases, buy-to-lets or second homes and home movers.

Interest rates

In November 2017, the base rate for the Bank of England rose by 0.25 per cent to 0.5 per cent. This was the first rate rise in 10 years. In 2018, many economists expect more rises. Given the unavoidable effect, this will have on mortgage interest rates, many home movers and buyers will be adversely affected.

Mining risks

Abandoned mine shafts are a well-known issue in many parts of Wales and England. They cause sinkholes which in turn lead to irreparable damage to property. As a result, lenders refuse to negotiate mortgages for properties that are near mine shafts. After all, when carrying out a thorough investigation of a property, Conveyancers have a duty towards their clients.

Streamlining the process

The Conveyancing Association has made proposals to speed up the way property is bought and sold. These include steps to reduce money laundering and fraud. If and when implemented, they could herald further changes to an already complex process. 

How To Reduce The Crime Potential In Your Neighbour hood

While no neighbourhood is completely crime-free, some neighbourhoods have a lower crime potential than others. Unfortunately, even historically quiet and safe communities have been threatened by crime at some point of time or the other.

If you are looking to reduce the threat of crime in your neighbourhood, following are some of the ways to make your locality safer.

Don’t be a stranger

To begin with, know your neighbours. This is quite literally as easy as it sounds. Simply bake a fresh batch of cookies, visit your neighbours door-to-door and introduce yourself. Getting to know your each other goes a long way in building a sense of belonging and familiarity.

Organise a neighbourhood meeting

Once you are sufficiently familiar with the other inhabitants on your street, initiate a neighbourhood meeting. Voice your own anxieties and apprehensions regarding the safety of your locality and invite other members to raise their concerns as well. A good idea is to invite an officer from the local law enforcement agency. He or she will be in a good position to inform everybody about the crime rate in the area and how to take proper precautions to prevent the same.

Form a neighbourhood watch

If you are unfortunate enough to be residing in an area with a propensity for crime, organising a neighbourhood watch program is an excellent way to tackle the anti-social activities in your locality. When you put up a united front, you send across a strong message of solidarity and seriousness to the unscrupulous elements in your vicinity. If you are looking to buy property in or around the Haringey or Camden area, Interim Searches provides excellent property search services that include gauging the crime potential of your locality of choice. They also offer flood risk assessment services.