Latest news with #LandRegistry
Rhyl Journal
2 days ago
- Business
- Rhyl Journal
Company which owns Rhyl homeless property faces strike-off
Social Value Housing, a Liverpool-based housing association, has been made subject to an active proposal to strike the company off the register. It owns 35 River Street, also known as Berwyn Guest House, which it leased to Rochdale-based Sanctuary Trust Ltd last July. Sanctuary Trust has been contacted for further comment on what Social Value Housing's strike-off could mean for its lease agreement. The company agreed to pay rent at the property at a rate of £25,480 per annum for seven years, with a break date set of July 1, 2028. Social Value Housing also owned 44 River Street (Riverside Guest House), having bought it for £295,000 in May 2023, but this was sold for £150,000 to BT Asset Holdings Ltd in April. 44 River Street, Rhyl (Image: Newsquest) Social Value Housing's accounts are also overdue, having not filed its 2023-24 financial year statement by the deadline of April 29. Peter Mitchell, who was a director of Social Value Housing before resigning on May 1, was declared bankrupt at Liverpool County Court on May 13. Mr Mitchell and his partner, Colette Goulding, who was also declared bankrupt that day, have also quit numerous companies under the 'Big Help' umbrella, which previously provided homeless accommodation in Rhyl. One of those, Big Help Project, is currently subject to a Charity Commission inquiry after a significant increase in its reported income was identified. Last July, seven Rhyl properties including 35 River Street were listed for auction with estate agents Allsop 'by order of a charity'. But none of the relevant legal documents were attached to their auction pages, and they were subsequently withdrawn from auction. Contrary to Land Registry documents, Mr Mitchell told the Journal last July that Social Value Housing owned all seven of these Rhyl properties – which are based on River Street, Vale Road and East Parade. In August, three of these properties were put back up for auction via estate agents Sutton Kersh. But no legal documents were attached to these properties' auction pages on this occasion, either, so all three properties' auctions were postponed. A Sutton Kersh representative said they were pulled from auction because it didn't have 'formal instruction' for them.
Yahoo
3 days ago
- Business
- Yahoo
Average London property prices unexpectedly jumped by more than £14,000 in April
Average London house prices unexpectedly jumped more than £14,000 in April to their highest levels in more than two years. Latest data from the Land Registry showed the average cost of a home in the capital rose 2.6% during the month from £552,402 to £566,614 . That boosted the annual rate of house price inflation in London from 0.9% to 3.3%. The leap in London prices bucked the national trend in April. Across England as a whole average prices fell 3.7% to £286,327. That dragged the annual rate of house price inflation down from 7% in March to 3.5% in April. Prices were expected to ease in April after a rush to beat the deadline for new higher stamp duty rates for first time buyers on March 31. However, the discounted rates, which meant debut buyers paid no stamp duty on purchases up to £425,000, was seen as less of a benefit in London where prices are much higher. The highest average price ever recorded in London according to the Land Registry measure was the £581,320 reached in August 2022 but since then the London market has flatlined at best. It was last higher than April's figure in January 2023. But north London estate agent and a former RICS residential chairman Jeremy Leaf, said: 'It might seem as though this data shows considerable housing market resilience but it doesn't tell the whole story. "Although the most comprehensive of all the surveys as it includes cash and mortgaged transactions, the results reflect what was happening over the last few months. Since then stock levels have continued to rise, resulting in more balance between supply and demand so softening prices and lengthening transactions. "Looking forward, values are likely to continue to reduce a little inevitably as interest rates will not fall as far and as fast as many had expected as inflation stays stubbornly high despite today's small dip.' The figures show there has been a particularly big rise in prices for new build properties in London over recent months. In February, the latest month for which data is available, the average cost of a new build home in the capital leaped 19.1% to a record £595,659.
Irish Examiner
4 days ago
- Business
- Irish Examiner
Ask a solicitor: The amount I've been offered won't even cover my building materials
Dear Karen, I am a builder and I built some farm sheds on a farm. I had done work for his neighbour, and as everything was friendly, and he was happy with what I'd done on the neighbour's farm, it was all agreed verbally with a handshake. We agreed on a price of €50,000. The job is now done and I asked for payment, but now he is saying it couldn't possibly be this amount and that we never agreed on that price. He offered me €15,000 for the entire build! This wouldn't even cover my materials. I am fuming as I worked very hard to get it done quickly and I had to pay an employee to help me with the build over the summer months. What are the options available to me? Have I any hope of recovering the full amount? Dear reader, I am sorry to hear this. I appreciate that this must be very frustrating. The recovery of a debt is an action based on contract and must be brought within six years of when the sum became due. If someone owes you money (the debtor) for a protracted period of time or has indicated that they will not pay you the full amount, it is prudent to seek legal advice as soon as possible to protect your interest. Obviously, it would have been better if a written building agreement or contract had been put in place between you and the farmer. You should issue a detailed invoice within seven days of completing the build. I am not sure if you have done this. A statement of account could be issued within 21 days of the invoice. Following the statement of account, if no engagement has occurred in relation to it, a first letter of demand should issue after a 14-day period. In practice, a further period of 14 days should be allowed for the debtor to engage with your business. The practicality of recovering a debt through the courts can often prove to be a time-consuming and expensive route. It would be advisable to try and talk to him first and try and reach a compromise. If an agreement cannot be reached, it would be prudent and advisable to determine whether or not pursuing legal proceedings is cost-efficient. In that regard, if the debtor does not have any funds to pay you or assets to register judgment against, it may well prove fruitless and you could be throwing good money after bad. It is a good idea to carry out a Land Registry search to see what the farmer owns or to be satisfied that the farmer has the funds to pay you your bill. In order to recover the monies owed, legal proceedings should be issued in the appropriate jurisdiction, and accordingly, in your particular case, the Circuit Court is the appropriate court. The jurisdiction and limits applicable to the Circuit in civil proceedings are from €15,000 to €75,000. Similar to the style of practice adopted in the District Court, your solicitor should send a letter of demand to the debtor, giving the respective party an opportunity to respond to the claim or to satisfy the debt. In the event that there is an inadequate result to this course of action, proceedings should be initiated which has set out clear details of the parties to the action, the breach of contract or terms and the liquidated sum claimed. The hearing of any contested claims could take from five to 10 months to be heard, subject to court scheduling. Once the matter is ready for hearing, the trial of the matter will allow both parties to be heard under oath before a judge, and judgment will be granted if the creditor is successful. I would also strongly advise you going forward to put written contracts or terms in place before carrying out work for people. Karen Walsh, from a farming background, is a solicitor practising at Walsh & Partners Solicitors, 17 South Mall, Cork, and 88 Main Street, Midleton, Co Cork, and also the author of 'Farming and the Law'. Walsh & Partners also specialises in personal injury claims, conveyancing, probate, and family law. Email: info@ Web: While every effort is taken to ensure the accuracy of the information contained in this article, Karen Walsh does not accept responsibility for errors or omissions howsoever arising. Readers should seek legal advice in relation to their particular circumstances at the earliest opportunity. Read More Ask a solicitor: A contractor fell off a ladder on my farm
Daily Mail
13-06-2025
- Business
- Daily Mail
EXCLUSIVE Cheaper mortgages and relaxed lending rules push up price of a first home
Cheaper mortgages and the ability to borrow more are set to push prices of first-time buyer homes even higher, after they already spiked at the start of 2025. Reduced stamp duty until April and falling mortgage rates increased the price of first homes during the early part of this year, according to analysis of Land Registry data by lender MPowered Mortgages. Between January and March this year, the average price paid by a first-time buyer spiked by £4,772, a 2.1 per cent increase in just two months. This means prices grew 2.5 times faster for first-time buyers than for those further up the ladder, for whom prices rose by just 0.8 per cent. The stamp duty changes came into effect on 1 April. While home movers could only save up to £2,500 if they completed by 31 March, first-time buyers could save as much as £11,250 depending on the price of the property they were buying. And between the start of February and the end of March, average two-year fixed mortgage rates fell from 5.52 per cent to 5.32 per cent, according to Moneyfacts. This led to a big rise in activity among first-time buyers. Fresh Bank of England data shows that 31.4 per cent of the £77.6bn in new mortgage lending completed in the first three months of 2025 was to those taking their first step on the ladder. This was the highest share on record and up 5.6 per cent compared to the same period in 2024. Where have first-time buyer prices risen most? The analysis by MPowered found prices for first-time buyers have risen most in northern England. The average first-time buyer in Yorkshire and the Humber paid £9,467 more for their home in March than in January, a 5.4 per cent rise. Meanwhile first-time buyer prices spiked £9,151 in the North East - a 6.6 per cent increase in just two months. The average price paid for a first home in the North East has risen by 15.1 per cent in a year and an incredible 40 per cent in five years. The average price paid for a first home in East Anglia rose by £8,148, a 2.9 per cent jump and well above the £5,777 increase in prices paid by buyers who already own a home. At the other end of the spectrum, prices fell across the board in London. However, while the average price paid in the capital by those who already own a home fell by £19,048, first-time buyers paid just £4,742 less on average. First-time buyers can now borrow more This is set to continue as falling mortgage rates, combined with changes to stress testing, have boosted buyers' purchasing power. The impact of this is already showing up in the data. More people registered to buy in May 2025 than in any May since 2021, according to data from the estate agent Hamptons. It revealed the biggest uplift in buyer registrations came from first-time buyers - up 4 per cent year-on-year. 'The post-stamp duty holiday lull has proven to be short-lived, with year-on-year changes in buyer demand returning to positive territory in May,' said Aneisha Beveridge, head of research at Hamptons. 'Falling mortgage rates have significantly boosted buyers' purchasing power, in most cases offsetting the increase in stamp duty bills they now face. 'First-time buyers have been the most significant beneficiaries, with high loan-to-value mortgage rates seeing the most substantial falls, alongside more favourable affordability assessments from lenders.' Since March, multiple high street lenders have loosened their mortgage rules, allowing people to borrow more when buying a home. The relaxation of mortgage stress tests is believed to be playing a pivotal role in boosting first-time buyer numbers with some finding they are able to borrow up to 20 per cent more than they could only a few months ago. Mortgage lenders 'stress test' fixed-rate mortgage borrowers, checking they would still be able to afford their repayments if their rate went up when their fixed deal ended. Until the recent changes, someone taking a two-year fixed mortgage charging 4.5 per cent interest might be stress tested on their ability to pay 7.5 per cent. On a five-year fixed rate, this might be 6.5 per cent - though few banks make their 'stress rates' public. Banks are allowing borrowers to stretch their finances further now because the regulatory environment has shifted. Recent guidance from the Financial Conduct Authority encouraged lenders not to unduly restrict access to mortgages that are affordable, especially as interest rates begin to stabilise. Peter Stimson, director of mortgages at MPowered, said: 'Buyers are routinely being offered loans up to 20 per cent larger than they were a year ago. 'For first-time buyers, who typically borrow close to the maximum they can, the ability to borrow more, and pay more, for a home is pushing up prices sharply. 'Lower stress tests are replacing stamp duty as the fuel for a first-time buyer boom.' Recent analysis by Savills also suggested that the easing of mortgage stress testing rules could cause house prices and first-time buyer numbers to rise. It says that more relaxed mortgage stress tests could see the number of first-time buyers purchasing a home rise by 24 per cent, or more than 80,000, over the next five years. Its analysis suggests more relaxed mortgage rules could boost first-time buyer transactions by between 14 per cent and 24 per cent. Easing mortgage stress tests could also cause property prices to rise by between 5 per cent to 7.5 per cent in five years, Savills added. Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
South Wales Argus
12-06-2025
- Business
- South Wales Argus
Can you buy your neighbour's land? Rules and regulations
In the UK, debates around property, land ownership, and land boundaries are always a hot topic, especially when it comes to neighbours. As a homeowner, you may sometimes have discussions with your neighbours over who owns what part of the boundary or even need to confront them on encroaching on your land. If you find yourself often discussing land with your neighbour, you may be able to solve the problem by buying part of the land or even selling part of yours. As a property expert and founder of SAM Conveyancing, Andrew Boast has shared advice on what your rights are over buying or selling land to your neighbours. Can you buy your neighbour's land? Answering whether in the UK you can buy your neighbour's land, Andrew said: "You absolutely can buy part of your neighbour's land, and it's more common than you might expect." Adding: "Whether the motivation is gaining side access, extending a garden, or even opening up a small development opportunity, it's perfectly legal. "That said, it's not a quick or casual process, and there's a lot more to it than people often assume." How can you buy your neighbour's land? Explaining the process of how selling and buying neighbours' land works, Andrew said: "The legal term for this is a 'Transfer of Part', and it's handled using a TP1 form. "This form is used to legally carve off a defined section of your property and register it as a new title with the Land Registry. "It's not the same as selling an entire home, but it still involves the full rigour of a property transaction, including contracts, formal registration, and, crucially, the involvement of two separate solicitors. "Both the seller and the buyer must have independent legal representation to ensure the transfer is properly carried out and everyone's rights are protected. "Before anything can proceed, the portion of land being sold needs to be clearly and accurately mapped, and a basic sketch on the back of a napkin won't do. Always check the rules and regulations when it comes to homeownership. (Image: Getty Images) "You'll need a Land Registry-compliant plan, ideally created by a professional surveyor, that defines the exact boundaries of the land being transferred." Can you buy your neighbour's land if you have a mortgage? Many homeowners will have a mortgage, which Andrew explains can make the situation more tricky: "If you've got a mortgage on your property, things get a little trickier. "You'll need to get your lender's consent to sell off any portion of the land, because it technically forms part of their security. "They may request a valuation of the revised plot and, in some cases, they may even refuse if they think it will compromise the value of the remaining property. "If they do give consent, a Deed of Substituted Security may need to be prepared, which reflects the change in the asset that's mortgaged." What happens if the land has access rights? Explaining what access and rights mean, Andrew shares: "The land being sold might need access to utilities like water or electricity, or it might not have direct road access. "That's where easements come in. "These are legally binding agreements that grant access or use over another person's land. Recommended Reading "For example, your neighbour might need to walk across your driveway to reach their new strip of land. "These easements must be formally agreed upon and written into the TP1 form, as without them, you can easily end up with a messy legal dispute - or land that's unusable because it's inaccessible." How do I value part of my land or garden? If you are not sure how much your land is worth, Andrew suggests a property valuation, sharing: "A proper valuation, often done by a RICS-registered surveyor, is essential if there's any uncertainty."
