The 24th March 2012 is the last day for the first time buyer exemption on stamp duty. So what does this mean for buyers? Well we predict doom and gloom!

The current exemption allows first time buyers to purchase a property up to the value of £250,000.00 without having to pay any stamp duty. When this exemption expires in March, first time buyers will be treated like everyone else. So buying a property between £125,001.00 and £250,000.00 will attract a stamp duty rate of 1%. This could potentially slow down the housing market.

The 31st March 2013 is the deadline for Churches/Parishes to register any chancel liability against property registers.

Churches and parishes can call upon home owners in their proximity to contribute to the repair of the church rector. A couple of fairly high profile cases saw really high contributions to the church which ran into tens of thousands of pounds! (See Parochial Church Council of the Parish of Aston Cantlow and Wilmcote with Billesley, Warwickshire (Appellants) v Wallbank and another (Respondents)

This has resulted in chancel repair liability became a hot conveyancing topic!

Unhappy at the decision, the previous Government made provisions under the power of the Land Registration Act 2002 so that this situation will change with effect from 13 October 2013.

After that date, new owners of land will only be bound by chancel repair liability if the latter is entered in the land register. This puts the onus on Parochial Church Councils to identify all affected land and register their interest before that date.

This means we, as conveyancers, no longer need to conduct chancel repair searches as the liability will be shown on the Land Registry Office Copies.