Stamp Duty Rates to be Temporarily Reduced

Government Outlines Details for Stamp Duty Land Tax

In a mini-budget announcement yesterday, the government has reduced the rates of Stamp Duty Land Tax (SDLT) on residential properties purchased between 8 July 2020 and 31 March 2021. 

The details indicate that:

‘If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before. From 8 July 2020 to 31 March 2021 the special rules for first time buyers are replaced by the reduced rates.’

You can use the Stamp Duty Land Tax calculator in the link below to work out how much tax you’ll pay on your property purchase.

Electrical Safety Certificates Now Required

First Phase of New Electrical Safety Regulations Comes Into Force

As detailed previously, electrical safety inspections are required for all new tenancies from 1st July 2020. This means that if your property is currently being marketed for rent, it will require certification to ensure that the electrical installations in your private rented property are safe and compliant.

The certification requirement for existing tenancies will not come into force until 1st April 2021 and certificates will be valid for 5 years.

Our team of highly trusted, recommended and competitively priced tradespeople - have been busily servicing our landlords over the past few months to ensure their properties are compliant with this latest legislation.

To fully appreciate our fabulous team, fantastic rates and transparent pricing - contact us using the link below:

Government Extends Eviction Ban

Support for Tenants and Landlords Extended until 23 August - Update

As preparations begin for the easing of lockdown across England, the government have also recognised that tenants and landlords continue to require support in these extraordinary times.

It was announced yesterday that the three month suspension currently in place on all new eviction proceedings will be extended for a further two months.

The two month extension will come into force on 25 June, when the previous three month extension, originally announced in March, was due to expire. The mortgage payment holiday offered to landlords has also been granted the same extension.

It is expected that new eviction hearings will be heard by the courts starting from the end of August.

If your tenants have been financially affected by the coronavirus and unable to pay their rent, reach out and contact us. We’ve been successfully helping our landlords to manage their tenants and properties throughout this difficult period and you will find all the information and support that you need when you call us.

Full details on the two month extension are available through the link below.

Further Details on Current Eviction Ban

Government Guidance Published Regarding Support for Tenants and Landlords

Further to the announcement last week of the suspension of new Section 21 notices being heard by the courts, detailed guidance of the halt to eviction proceedings is now available.

Effective from 26 March 2020, landlords wishing to serve notice to end existing tenancy agreements will have to give 3 months notice. Effectively, this will mean that landlords seeking to commence court proceedings for evictions will not be able to do so until after 30 September.

The guidance goes on to state that effective 27 March 2020, the courts will suspend all ongoing housing possession actions. For example, if you have already served a Section 21 notice to your tenant, this will not progress in the system towards an eviction for at least the next 90 days.

The published guidelines are available to read in detail through the link below.

Government Announces Ban on Evictions

Emergency Legislation Brought in to Support Tenants and Landlords

In light of the current national health crisis, the government announced yesterday that emergency legislation will be brought in to protect tenants in private rented and social housing accommodation in England and Wales from being evicted due to loss of earnings during the crisis. 

This means that no new possession proceedings (Section 21 Notices) will be heard in the courts in this period. This would suggest, however, that if you have already served a possession order through the courts, these proceedings will go ahead. 

The government has also recognised the pressure that the non-payment of rent could place on landlords and as part of the emergency legislation has also confirmed a 3 month mortgage payment holiday. The protection will apply to landlords whose tenants are facing financial difficulties due to the coronavirus.

The full announcement is available via the link below.