Residential Property – What’s New?

Legal Matters with Jane Davies-Hannen - Graham Evans & Partners

It’s hard to believe that our lives could have been so changed in peace time as they were in lockdown. As we emerge, albeit gingerly, the restrictions are being lifted.

At the time of writing, house moves are now permitted but the Welsh government recom-mend that you should only move into a property in Wales if it has been unoccupied for 3 days or deep cleaned. You should be prepared for delays in completion, even when contracts have been exchanged, to accommodate anyone self-isolating because of coronavirus. Further changes and announcements are due.

You can put your house on the market, and your estate agent can advise you on the guidance for house viewings.

Capital Gains Tax on the profit from the sale of a property which is not your residence is now payable within 30 days of completion. Previously it was able to be deferred until submission of your self-assessment tax return, however, this option is no longer available. Fines can be issued for late

payments and the onus is on the individual to submit the information. The government website has more information on and also has a calculator to make it easier for you to work out how much, if anything, is payable.

Tax on the purchase of a property is also payable on completion, but your solicitor or conveyancer generally arranges submission of the tax form and payment on your behalf. The chancellor announced a temporary holiday on stamp duty payable for properties in England and Northern Ireland until March 31st 2021 for properties up to the value of £500,000. This was followed by an announcement from the Welsh Government of a temporary holiday on duty payable for properties in Wales but up to a value of £250,000, so less than in England.  Second properties will still attract the higher rate of tax.

Jane Davies-Hannen has considerable expertise in all elements of residential property law, ranging from both freehold and leasehold, new build, equity release, transfer of equities/re-mortgages and unregistered land.

Mandy Thomas specialises in all aspects of residential conveyancing, including house/flat purchases or sales, freehold and leasehold titles, shared equity and shared ownership.

Graham Evans & Partners, Moorgate House, 6 Christina Street, Swansea SA1 4EW 01792 655822

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