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29 November 2019 News
The ESPC have just published their House Price Report for October, and the key points are as undernoted: •    In Edinburgh, the Lothians, Fife and the Borders, the average selling price from August to October was £253,552, a 2.5% increase from the same period last year. In East Lothian however, the average selling price was £252,189, an increase of 6.3% year on year. •    During the last three months, the total sales volume in these areas rose by 2.8%. •    The number of properties coming to the market decreased by 2.9% annually. Jamie Fraser-Davidson, Business Analyst at ESPC said: “from August to October 2019, there has…
22 November 2019 News
The most common transactions at the Bank of Mum and Dad are for deposits on house purchases, with the remainder being used for mortgage payments, land and buildings transaction tax and legal costs. With that in mind, if you are in the lucky position to be able to help your children, or perhaps you are the child receiving the help – what should you consider? Gifting money Parents can give their child a lump sum, most commonly used as a deposit for their first home. This is normally in the form of a tax free gift. Parents are entitled to gift their children money, subject to…
15 November 2019 News
A move to a countryside idyll is the dream for many. If you’re thinking of moving to the quiet of the countryside, you are not alone. Making sure you know what you’re looking for is key to getting your dream country home. The perfect house There’s a whole spectrum of options out there, from an isolated spot, to a small village, to a market town, to the outskirts of a bigger town.  Each has its own benefits and lifestyle.  Knowing which is going to suit you is key.  Remember that country living does not always mean a stone built property, there are more modern builds out…
08 November 2019 News
According to statistics, FTBs make up 50% of the Scottish property market.   Of these, and as of  March of this year, £234,074 FTBs have utilised the Help to Buy ISA (HTB ISA) scheme since 2015.  This scheme assists FTBs over the age of 16, who have never held an interest in a property before, to buy a principal residence in Scotland, up to the value of £250,000.   Through the scheme, FTBs can save up to £200 a month (although they can activate their savings by depositing a lump sum of up to £1200 in the first month) and the Government will help by boosting their savings…
06 November 2019 News
If you are contemplating a move from the city to a more rural location, then we are currently marketing two very different properties in the Scottish Borders which may be of interest to you. Brae House, a most impressive detached four bedroom family home, complemented by an extensive delightful wrap-around garden of approximately 0.75 acres could be ideal for you. Located in the heart of the beautiful Berwickshire countryside, and commanding panoramic views, yet is less than a ten minute drive from the A1, via the village of Ayton.  Accordingly, the journey time to Edinburgh is around one hour and to the charming coastal town of…
01 November 2019 News
We will be offering you the chance to have a simple Will drawn up by one of our experienced lawyersfree of charge. All we ask is that in return you consider making a donation to one of the Will Aid charities of your choice. The suggested donation level is £100 for a single basic Will and £180 for a pair of Wills. The money raised supports the vital work of nine of the UK’s best known charities all of whom work to transform the lives of people in the UK and around the world: ActionAid, Age UK, British Red Cross, Christian Aid, NSPCC, Save the Children…
25 October 2019 News
The usual time frame between making an offer on a property and getting the keys is anything from one month to three months, but mostly around 6-8 weeks. That period is when the conveyancing is carried out by the Solicitor, some parts of which you will be aware of, and some of which you will not.   In the final week before you are due to collect the keys, your solicitor will confirm your preference of where to pick them up.  It can be at either your solicitor’s office, the seller’s lawyers’ office, or sometimes direct between the purchaser and seller. Once the arrangement is made…
18 October 2019 News
We advise clients of all ages and stages of life to ensure that they have a Will in place to protect them, and their loved ones, upon their death.   However, it is also important that you regularly review your Will to ensure that it continues to protect your estate, reflect your wishes and is accurate.   Certain major life events should prompt you to review your Will and make relevant changes, such as buying a house, getting married, having children and getting divorced. When you put your Will in place, it is advisable to contain certain provisions within it to cover potential future events.   For example, where…
11 October 2019 News
What is a Trust? A trust is when one person is given property to hold for the benefit of another. Setting up a trust allows you to direct certain assets to specified beneficiaries and gives you peace of mind that your estate is organised according to your wishes. There are different types of trust suitable for different situations, including: •    Liferent trusts •    Discretionary trusts •    Charitable trusts Who is Involved in the Trust Process? There are three main parties involved in the establishment of a trust: •    The settlor  – this is the person who establishes the trust and decides which assets are to be…
04 October 2019 News
It has been estimated that around only 4% of estates in the UK last year were subject to Inheritance Tax, due to the various tax allowances available when someone passes away.  If tax is due however, the bill can often be substantial as the tax is charged at 40% (or 36%) depending on the circumstances, over the relevant Nil Rate Band for the individual concerned. Interestingly, the rules regarding Inheritance Tax could be in for an overhaul in years to come, due to recommendations made by the Office of Tax Simplification (OTS).  Whilst the Government have not made any formal responses as yet, it is worth…

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North Berwick - 01620 892138
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