Community Right to Buy
On 26 March 2021, the Langholm Moor community buyout deal was completed. 5,200 acres (2,100 hectares) of land along with six properties was purchased for £3.8m. This is the largest community buyout of land in Scotland.
The Community Right to Buy was brought into law by the Land Reform (Scotland) Act 2003 and we thought we’d have a quick look at what’s involved in Community Right to Buy, who is entitled to buy, what’s involved and when it can happen. It covers the situation when a landowner wishes to sell.
This is not the same as a Community Asset Transfer – we may do an article on that topic later. That covers the situation when a community can seek ownership of publicly owned land even though there were no plans to sell it.
What you need to do after a death
When a family member or close friend dies, it’s always a very stressful time. When this happens, there are some things you need to do right away – like arranging the funeral. You’ll have to let people know about the arrangements and deal with the financial elements involved – and when money is involved, problems are usually close behind.
We normally find out that someone has died when a relative or friend gets in touch with us. Usually, their first question is “Is there a Will?”. If we’re holding the Will, we’ll be able to check whether there are any special preferences for funeral arrangements. If the Will doesn’t instruct any special funeral arrangements or if there isn’t a Will, it’s left to those arranging the funeral to make all the decisions.
Land & Buildings Transaction Tax holiday to end on 31 March 2021
Land and Buildings Transaction Tax (LBTT) is to revert to its pre-Covid-19 levels on 1 April. In her Budget statement on 28 January, Kate Forbes, the Cabinet Secretary for Finance announced that the threshold above which LBTT is to be paid would revert to its pre-pandemic level of £145,000 (£175,000 for first-time buyers).
This is a blow to those looking to purchase a new home in 2021 because if they don’t complete their purchase on or before 31 March and they’re buying for more than £145,000 (£175,000 for first time buyers), they’ll pay LBTT starting at 2% of the value of the property over that figure.