First Move Finance

09/07/2020

Great news for Landlord and first time buyers.

Stamp Duty News: For Landlords, First time buyers and Home movers.

The Chancellor Rishi Sunak has announced new measures that help landlords. Here's a quick breakdown of the key policies.

The threshold above which stamp duty must be paid has been raised from £125,000 to £500,000. Landlords buying properties under £500,000 will pay only the 3% additional home surcharge, while those buying for their primary residence will pay no stamp duty.

This is good news for landlords looking to buy properties, as they will now face lower costs. Meanwhile, landlords looking to sell will find their properties are affordable to a larger number of potential buyers. The change applies to sales completed between 8th July and 31st March.

Also announced was a £2bn fund to make homes more energy efficient. From September, homeowners and landlords will be able to apply for vouchers to make their homes more energy efficient. The grants will cover at least two thirds of the cost, up to £5,000 per household.

The announcement contained further support for industries hit hardest by the lockdown, including support for hospitality sector jobs. Landlords with tourism or hospitality accommodation may also benefit from a cut in VAT for these industries from 20% to just 5%.

For more information, you can call me on 07946009161

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21/08/2019

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04/07/2019

Boris Johnson to abolish Stamp Duty for homes under £500k in no-deal Brexit scenario
by: Victoria Hartley
28/06/2019 • 2
Boris Johnson to abolish Stamp Duty for homes under £500k in no-deal Brexit scenario
Stamp duty could be scrapped for all homes worth under £500,000 in an earlier emergency Budget in September if Boris Johnson becomes the next UK prime minister and Britain exits Europe with no deal, according to reports.


Analysis from Yahoo Finance UK confirmed the move could save first-time buyers up to £10,000 on their first home and give buy-to-let landlords and second homeowners a £30,000 tax cut.

Johnson is also looking at reversing former chancellor George Osborne’s stamp duty hike on more expensive homes from 12 to seven per cent, according to The Times.

The stamp duty increases are widely seen to have cooled the London property market in recent years.

Three sources in his campaign told The Times he was considering an ‘emergency budget’ including stamp duty cuts, large tax breaks for business investment and an “assault” on regulation.

31/05/2019

With the Tenant Fees Act coming into effect tomorrow agents and landlords need to ensure they are prepared to avoid a large fine, David Cox, chief executive, ARLA Property mark has warned.
The Act bans letting fees paid by tenants. Landlords can charge a refundable tenancy deposit capped at no more than five weeks’ rent where the annual rent is less than £50,000, or six weeks’ rent where the total annual rent is £50,000 or more.
Cox said: “The Tenant Fees Act comes into force tomorrow, and agents should already have implemented the correct changes within their business in order to be compliant with the law.

Letting agents will have to make up for lost income
“Members should refer to our Tenant Fees Toolkit for relevant advice, information, and legal documents that have been produced with the ban in mind.
“Although the Tenant Fees Act has been front of mind for a while, it’s important members stay up to date with other laws and local licences that are being introduced, as a breach of the ban can result in a large fine, so it’s vital agents get this right.”
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19/04/2019

The number of buy-to-let mortgages used for purchasing new properties fell by nearly 8 per cent in February compared to the same month last year, according to the latest UK Finance figures. The trade body says that only 4,800 BTL purchase loans completed, compared to 5,200 in February 2018. The valu...