"You were only supposed to blow the doors off"
No doubt there are a few people at HSBC who are feeling like Michael Caine in the Italian Job when he saw the unexpected consequences of his actions. We're not exactly sure whether those that decided to stop buyers choosing their own solicitors have either bought a house recently or understood that agents will do their best to stop clients using lenders or lawyers that can't get deals through quickly. Given the glacial speed these transactions are taking to go through, we wonder in our blog whether HSBC might be on the cliff-edge of public opinion with this idea.
Solar panels - Pain today and Pain Tomorrow
When the coalition government chose to cut the subsidies (and the jobs that went with them) paid to home owners to put solar panels on their roofs, many were not aware that not only had they bought something that didn't give them the returns they were after, but they also may have legal problems in the future. Some home owners are finding the lease agreements they signed to enable them to afford these panels is preventing them from remortgaging their properties and could in turn cause problems when they come to sell. There is an increase in litigation expected from frustrated sellers whose buyers cannot obtain mortgages on their potential purchases because of these restrictive leases.
Changes in EPC rules coming in April 6th
Having spent years in opposition criticising the previous government's attempts to change the house buying and selling process, it seems the coalition are learning that property legislation is challenging. The changes to the Energy Performance Certificates (EPC) rules that have just been announced include the extraordinary requirement to include a full page of the EPC with all property particulars. We have produced a summary sheet of changes that are due to come into effect after Easter.
Stamp Duty Land Tax avoidance Schemes - not so attractive anymore
Finally, we were intrigued to receive a telephone call on budget day from a company offering SDLT avoidance schemes for our clients. The salesman told us they were avoiding solicitors because "the Law Society had cracked down on them and were fining them for getting involved". We found that strange because according to this same salesman, there is no comeback whatseover for our clients and it's risk free. Naturally, like the Law Society, we beg to differ.
