There are two land systems In England and Wales – registered land and unregistered land. If a piece of land and ownership of it is recorded on the Land Register it’s registered land. When a property gets registered, the title is “guaranteed” by the Land Registry. The Register is open to the public and can be accessed by anyone.
It was announced yesterday that Stamp Duty Land Tax will be scrapped immediately for first-time buyers of homes up to £300,000. The move was made in an attempt to reduce the ever growing gap between homeowners and first-time buyers and is set to benefit 95% of first time buyers. The move will likely abolish Stamp Duty for about 80 % of them. It’s predicted that thanks to this change 300,000 homes would be built by the middle of the next decade and that more than one million young people would take advantage of this change over the next five years.