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Growth in the property market.....

News is now in for March 2017 from HM Land Registry and includes details of over 96500 residential and commercial land and property sales in England & Wales.  

March showed a steady increase from February in applications with HM Land Registry up by 12,331 with 96,565 applications lodged for registration:

  • 67,893 were freehold

  • 14,849 were newly built

  • 33,024 sales took place in March 2017

  • 510 were residential sales in March 2017 in England and Wales for £1 million and over

  • 305 were residential sales in March 2017 in London for £1 million and over

The most expensive residential sale in March 2017 was of a terraced property in the London Borough of Kensington and Chelsea for £11,250,000. The cheapest residential sales in March 2017 were of a terraced property in Blyth, Northumberland and a flat in Weymouth, Dorset each for £10,000.

 

Information taken from HMLR - https://www.gov.uk/government/news/march-2017-price-paid-data 

Dropped probate fee hike welcome.....

News from the Law Society shows that the dropped probate fee hike is welcome.  

News a hike in probate fees is to be ditched by the government was today welcomed by the Law Society of England and Wales.

Law Society president Robert Bourns said: "This proposal would have affected 42% of estates and would have put pressure on families when they have just suffered a bereavement so we are glad it is no longer going forward."

The proposal, which surfaced in the recent Spring Budget, would have hiked probate fees from a current flat fee of £215 (or £155 if done by a solicitor) to a sliding scale between £300 and £20,000 based on the value of the estate.

The Law Society was among the 97% of respondents to the consultation which argued against the proposed increases, suggesting instead that a much more moderate and stepped increase was appropriate. (article from the Law Society)

 

We do expect to see a rise in probate fees in the future and feel the stress caused to our clients in the rush to apply for probate before the proposed hike has been unnecessary and frustrating but we are happy with the result at this time.

If you need any additional advice about probate and the fees payable contact our office on 01915118222 and 01915144323.

Janine Hobson elected as President of Sunderland Law Society

 

Janine Hobson has been elected as President of Sunderland Law Society.

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