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At Capron and Helliwell we note that there has been a lot in the news recently concerning problems with leasehold properties. Specifically, what does this mean for you as a buyer?  There have been instances where purchasers of flats have been surprised to learn that their flat has rents and other charges due even after paying the purchase price. This is especially alarming where some ground rents increase dramatically at regular intervals. Often, we find people do not know the difference between a freehold and a leasehold property or what this entails.  A freehold property is on...

We here at Capron & Helliwell understand that every penny matters, especially when investing in second properties. Before looking into estate agents and viewing potential properties, make sure you know the impact of Stamp Duty Land Tax (SDLT) on your budget. Standard SDLT is normally due only from property purchases (but not sales you will be please to know) over £125,000. - at 1% of the property value with the percentage increasing based on property value brackets set by HM Revenue & Customs. This is still the case where you are selling your main residence and buying a new m...

In a case earlier this year, Harris v HMRC, a personal representative (‘PR’) of an estate dealt with an estate worth around £1m. There was inheritance tax of over £300,000 payable. The personal representative handed to a third party (a relative and beneficiary of the deceased) a sum of money on the understanding that that third party would settle the inheritance tax (‘IHT’) liability of the estate (amongst other sums outstanding). That third party returned home overseas, did not pay the outstanding inheritance tax and the PR could not contact him. HMRC ...

You may well have heard of the government’s ‘Tell Us Once’ service, which is a way of, as the name suggests, informing one government department of a person’s death and that department notifies chosen government bodies; for example, HMRC or the DWP.  The advantage of this is that only one telephone call or online form needs to be submitted following a death (as far as government departments are concerned).  It is a straightforward process and next of kin or an executor of an estate can ensure government departments are notified in an efficient manner and it...