Latest Updates in UK Property Laws: What You Need to Know
Welcome to our blog at SQE Property Law & Land Law, where we keep you updated with the latest developments in UK property laws. In this post, we will discuss some important updates that you need to be aware of to stay on top of your game in the property market.
1. Stamp Duty Land Tax Changes
One of the key updates to be aware of is the recent changes to Stamp Duty Land Tax (SDLT). The government introduced a temporary holiday on SDLT for residential properties in response to the economic impact of the COVID-19 pandemic. This holiday, which began on July 8th, 2020, and was originally set to end on March 31st, 2021, has been extended until September 30th, 2021. This means that you could save thousands of pounds when purchasing a property, as the threshold for SDLT has been increased to £500,000.
To understand the implications of this change and how it can benefit you, it’s essential to consult with a qualified solicitor who can guide you through the process. Our team at SQE Property Law & Land Law has extensive experience in dealing with SDLT matters and can provide you with the necessary advice and support.
2. Leasehold Reforms
Another significant update in UK property laws is the government’s commitment to leasehold reforms. The Leasehold Reform (Ground Rent) Bill aims to address many of the long-standing issues associated with leasehold properties. The key proposals include:
- Abolition of ground rents for new leasehold properties
- Right to extend a lease to a maximum term of 990 years
- Simplifying the process of purchasing the freehold
These reforms are expected to provide greater protection and rights for leaseholders, making leasehold properties a more attractive option for both buyers and sellers. If you are involved in any leasehold transactions, it’s crucial to stay updated on these reforms and seek advice from a knowledgeable solicitor to ensure compliance.
3. Energy Performance Certificate (EPC) Changes
The UK government has also introduced changes to Energy Performance Certificates (EPCs) that are worth noting. From April 2023, residential landlords will be required to meet a minimum energy efficiency standard of EPC Band C for new tenancies and renewals. This requirement will be extended to all existing tenancies from April 2025.
To comply with these new regulations, landlords may need to make energy-efficient improvements to their properties. Failure to meet the minimum standards could result in financial penalties and an inability to let the property. If you are a landlord, it’s important to start planning for these changes and seek advice from a solicitor who specializes in property law.
4. Easier Planning Permission for Homeowners
The government has also proposed changes to the planning permission process for homeowners. The new Permitted Development Rights (PDR) will allow homeowners to extend their properties without the need for a full planning application. This includes adding additional stories to existing houses and converting commercial premises to residential use.
These changes aim to simplify the planning permission process and provide homeowners with more flexibility to expand their properties. However, it’s important to note that there are limitations and conditions associated with PDR, and it’s crucial to consult with a property law expert to ensure compliance.
Stay Informed and Seek Professional Advice
Keeping up with the latest updates in UK property laws is essential to make informed decisions and ensure compliance. At SQE Property Law & Land Law, we understand the complexities of property law and are here to support you every step of the way.
If you have any questions or require legal advice regarding any of the updates discussed in this blog post, please do not hesitate to contact our team. We offer a range of SQE 1 Practice Mocks and SQE 2 Preparation Courses to help you prepare for the SQE exams. Stay updated with the latest SRA SQE exam dates and ensure you are fully prepared.
Thank you for reading and stay informed!