HOME | LOGIN | OUR PEOPLE | CONTACT US | CAREERS | NEWSLETTER




tel: 0845 9011 960

You are in:- Home Page » Blogs

Hot Property


Beginners Guides, Buy to let, Case Tracker, Contract, Conveyancing, Conveyancing Quote, First Time Buyers, Landlord, property owner, property searches, Quicker conveyancing, renting, Stamp duty, Stamp duty land tax, Uncategorized    No Comments

this-one-btl-quad

Can you believe it’s been a year since the last round of stamp duty changes? Things have settled down since the initial frenzy of changes and most people know the main rules. But if you’re not sure of the changes, here is a round up of the vital information you need to know before you decide to hop on to the buy-to-let train yourself.

  1. If your spouse owns another property the Inland Revenue treat that as yours too and you are liable for the higher rate even if you don’t have any interest in their house, unless you are divorced or legally separated (for example by a court order).
  2. If you own a property in a different country, you still own a property and this means you are buying the property in the UK as a second property and you are liable for the higher rate.
  3. Companies buying a property are always liable for the higher rate, even if they have never owned a property before. The government makes the assumption this is an investment property.
  4. If you are selling the property you live in and buying a new property to live in (for examples swapping main residences), it doesn’t matter about your buy-to-let portfolio and you will pay the lower rate. But if you are buying a property to live in but not selling one, you must pay the higher rate. You can however sell your old main residence within 3 years and make a claim for a refund from the Inland Revenue.
  5. The higher rate is charged on second properties purchased for more than £40,000.

Get in touch – we’re happy to help

Fidler and Pepper have a dedicated team of Conveyancing specialists who are always happy to help explain the second property stamp duty rules. Simply give us a call on 01623 45 11 11.

Share on Facebook



Buy to let, Commercial, commercial property, Conveyancing, Landlord, Property, property owner    No Comments

buy to let

 

With the increase in stamp duty on the horizon for residential buy to lets you might want to now consider investing in commercial property as buy to let. The benefits of buying as commercial buy to let over residential include the following:-

– generally commercial property generate higher rental income;

– a commercial lease provides the landlord with greater protection and swifter enforcement provisions;

– commercial tenants are generally required to meet the insurance costs of the property and also all of the repairs;

– the term for commercial leases are usually for longer avoiding the landlord agents fees for re marketing and also solicitors fees for drafting new leases;

– the rent reviews provide for the rent t remain the same or are upwards only

– it is possible to claim capital allowances on commercial properties

 

If you are thinking of buying a commercial property to let then please contact me on 01623 663244 or email climb@fidler.co.uk, I would be happy to assist  with the transaction.

 

 

 

Share on Facebook



Commercial, commercial property, Landlord, Lease, Uncategorized    No Comments

I often get asked about VAT on commercial properties. Commercial properties are exempt from VAT however this exemption can be waived.

It is important for a tenant to check at the early stages of the lease negotiations as to whether or not VAT  is payable. If it is then VAT at the appropriate rate will be payable on top of the rent. If the tenant is registered for VAT this is not much of an issue it will just effect cash flow in that the tenant will have to pay the VAT out and then reclaim the VAT payment back. The problem is when the tenant is not VAT registered as they will pay VAT on the rent and will not be able to claim it back.

There is then the additional problem in that even if VAT is not payable when you initially tkae on the lease it could become payable during the term of the lease as the landlord can opt to charge VAT on the property at any time.

Is there anything the tenant can do?

Yes. In the initial negotiations if VAT is payable and the tenant is not VAT registered he can try and negotiate a lower rent

If the VAT  is not payable at the start of the lease and the tenant wants to ensure that this remains the same throughout the term of the lease, then the tenant can a negotiate that a clause be included in the lease to state that during the term the landlord will not opt to charge VAT.

Any landlord realistically will wish to avoid both of the options above this is why it is important for a tenant at the early stages of negotiations to instruct a solicitor so that the tenant is aware of all the options available to them and  to ensure that they negotiate the best rental terms.

If you are a tenant and are thinking of taking on a lease please feel free to call me on 01623 663244 and I would be happy to assist with any enquires.

 

Christie Limb

Share on Facebook




Powered by WordPress Entries RSS Comments RSS