A covenant is a term you might hear when discussing a property during the conveyancing process. Covenants are a form of legal obligation that is binding on the owner of a property and passes from owner to owner whenever the property is sold. They form part of the deeds of a property and are recorded at HM Land Registry.
Stamp duty originated in the 17th century when duty stamps could be purchased and attached to a transactional document to prove that any tax due on the transaction had been paid. Today, tax relating to the purchase of land is known as “Stamp Duty”, or, more correctly Stamp Duty Land Tax (SDLT).
As we find ourselves in the middle of the dark winter months, some would suggest waiting until spring before putting your property on the market. After all, spring is traditionally associated with a time of change and this has always influenced the property market in the past.
It is amazing to see that, despite the pandemic, the average UK house price ended the year 7.3% up on the previous year (Source: Nationwide). And there is still a lot of heat in the market - with record property portal activity on Boxing Day being 70.5% up on last year! (Source: Zoopla). You might expect that tougher Covid-related restrictions and our formal departure from Europe at the end of last month would have seriously damaged the property market, yet the opposite seems to be true.
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