Steve Cook Steps Up as President of BNI Commonwealth

Congratulations!!

We are delighted to announce that Steve will be stepping in as President of the Commonwealth BNI Chapter in Belgravia, effective immediately.

Having served as Vice President since April alongside his work at Maplewood, Steve is taking over from Caroline Somer of Somer Designs, a long-serving and highly experienced member who has decided to relocate.

BNI Commonwealth is currently the number 1 ranked chapter in London and the number 2 ranked chapter across the whole of the UK and Ireland.

BNI (Business Network International) is a worldwide organisation of more than 250,000 professionals who meet weekly to support and grow each other’s businesses.

Meeting are currently being held online via Zoom each Wednesday from 11:45-13:30. Visitors are always welcome and full details are available through the link below.

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.

Demand from Tenants and Rental Supply Highest on Record for June

Numbers of Prospective New Tenants Continuing to Rise

The June edition of ARLA Propertymark's Private Rented Sector Report found a record number of prospective tenants registering interest with agents - a year-on-year high for this time of year. Whilst the market typically begins to slow in June for the summer months, this year's surge on account of the coronavirus means that we expect the next few months will be busier than usual.

Phil Keddie, ARLA Propertymark's President agrees. 'Our latest figures show that the rental market is continuing to pick up following the COVID-19 lockdown. The record-breaking supply of rental stock and demand from tenants for this time of year paints an optimistic picture for the summer months, indicating that the market will be more active than the usual seasonal lull.'

There are also more properties on the market now than is typical for this time of year which means that you're best placed to market your property with a smaller agency who can give you a more focussed and attentive service to get your property let quickly.

To have a chat about how we can help, give us a call on 0203 488 0224.

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.