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| | Home equity release 2.0 A new survey from Aviva finds that the older generation is increasingly using home equity to help the younger generation get on the property ladder.
Matt McGill, head of the company’s Equity Release unit, talked to Harriet O’Brien about the firm’s findings that as many as one in four grandparents have helped or are going to help their grandchildren become first-time buyers.
The findings also revealed that property wealth is progressively being seen as a usable asset for today rather than a legacy investment. The study shows how homeowners, particularly those who have paid off their mortgages, are using or planning to use their property and investments to help family members start on the property ladder.
Our In My Opinion this week is also property based, and returns to the 5th September deadline for Overseas Entities with Nick Lindsay from Elemental CoSec writing that for individuals engaged in UK property transactions, the 5th September may be a critical deadline.
After this date overseas entities will not be able to complete the registration of land in the UK without a new government supplied ID, called the overseas entity ID.
Lindsay warns: "At the time of writing, there are only a few entities on the register. In our experience the process of registering can be completed in a couple of days and it only takes a few hours for Companies House to process the application. Though this may change. In total there are 31,506 entities that fall into scope of the new rules, according to HM Land Registry data. If the market continues its wait and see approach, there could be significant pile-up towards the end of the year."
Finally, the nomination period for the ETF Express US Awards 2022, our sister site, is still open. To nominate your favourite Service Providers please click here.
Beverly Chandler, managing editor, ETF Express
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| | | | | | | | | | | | | | | | | | | | | | | | | 5th September property deadline for Overseas Entities in the UK Nick Lindsay, a solicitor and director of Elemental CoSec, a UK-regulated agent who are providing verification services for the register of overseas entities, writes that for individuals engaged in UK property transactions, the 5th September may be a critical deadline. |
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