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Budget 2021: what do the changes mean for homebuyers?

Budget 2021: what do the changes mean for homebuyers? Hilary Osborne and Rupert Jones © Provided by The Guardian Photograph: Graeme Robertson/The Guardian When the chancellor, Rishi Sunak, announced his budget on Wednesday, he talked about the government’s goal of turning generation rent into “generation buy”. The measures he outlined to help would-be homebuyers had been heavily trailed – an extension to the stamp duty holiday he launched last year for England and Northern Ireland, and a new UK scheme to bring back 95% mortgages. But the budget documents brought more detail. We have looked at the small print to see what the measures will mean for homebuyers.

How will the Stamp Duty holiday affect house prices, will the housing market crash? EXPERT

| UPDATED: 14:47, Mon, Mar 1, 2021 Link copied Sign up for FREE now for hacks, market analysis, inspiration and more SUBSCRIBE Invalid email When you subscribe we will use the information you provide to send you these newsletters. Sometimes they ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. Rishi Sunak will soon set out his economic recovery plan following a year of lockdowns, furlough, and loss across the UK. The Budget, which will take place on March 3, is currently thought to contain an extension to the Stamp Duty holiday, which has been in place since the market reopened following the end of the first lockdown in summer 2020.

Property expert warns sellers to be honest with buyers or risk being in hot water

For those who may be unsure, conveyancing is part of the legal process that takes place when you are transferring a property from one owner to another. It includes an exchange of contracts, agreeing upon the contract details and passing the legal titles over when the process is complete. Mr Harriot explained that if something is missed off during this process, the seller could end up with more problems down the line. He continued: “Even sellers have to have conveyancers and if they knowingly miss information then they can also find themselves with some problems. READ MORE “For example, if a property was known to have Japanese Knotweed which is a really strong weed that can penetrate concrete and other hard surfaces.

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