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Residential Property

The Scottish Government has today announced that its Help to Buy Scheme, which was due to end in March 2021, will be extended to March 2022 to reflect the fact that homebuyers have not been able to make use of the scheme during the Covid 19 pandemic.

Our Residential Property Team has been working remotely throughout the Covid-19 pandemic, but with some restrictions starting to be eased in England and the Scottish Government setting out its plans to do likewise when the time is deemed to be right, we are looking to the future.

Traditionally, the Easter break conjures up images of chocolate, spending time with family and maybe even a little DIY - decorating and finally getting round to those minor repairs that have been niggling over the winter months.  Often this is the time that people are looking to market their properties and move to their next home, indeed, spring is normally when the Residential Property sector is at its most active. 

However this year is very different and feels that life has been turned upside down, and not just ‘home life’, but every aspect of our world.  Being in the process of selling your property is an additional worry and possibly a little overwhelming at times.  It is important to remember that we are still working and are here to help during this crisis.

Following upon the devastating impact of Covid-19 in recent weeks, the UK Government together with the Financial Conduct Authority and UK Finance (the body representing the majority of Lenders) have put in place a number of measures to help during these unprecedented times.

Banks, Building Societies and Lending Institutions are re-assessing their mortgage products and in particular, the level of risk involved.

Currently, most private residential tenancies in Scotland are either short-assured or assured tenancies. These will continue as such until they reach their end or are terminated by one party or the other.

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