Home Buyers Guide
What Sara Jalicy, Property Solictor at Balfour+Manson, advises when buying your next property...
For those of you who haven’t noticed, we are most definitely in a buyers’ market. House hunting is presenting better opportunities than ever before, with the economic climate stagnating sales and leaving our lucky buyers with more choice and a greater likelihood of a bargain.
Tenancy Deposits and Legislation Updates
The relationship between landlords and their tenants has been subject to increasing regulation in recent years. The Tenancy Deposit Schemes (Scotland) Regulations 2011, which came into force on 7 March 2011, continues that trend. The Regulations introduce a statutory framework for the protection of deposits paid by tenants to their landlords at the commencement of their tenancies.
Property Factors (Scotland) Act 2011
This new act comes into force on 1st October 2012 and there are three main provisions.
Market Assessment & Property Resolutions for 2012
The last twelve months have been another rollercoaster for the Scottish Property market. After a shaky 2010, the professionals and the public all hoped to see the market pick up in 2011 and, for a while, it did. We experienced a flurry of early year activity, a fairly steady Spring and a decent Summer in parts. In spite of this, 2011 has drawn to a close with another price drop in the final quarter just as it did in the year previous.
New Stamp Duty Rate on residential properties worth more than £1 million
A new stamp duty rate of 5 per cent will be charged on residential property purchases worth more than £1 million.
