This article was extracted from Rightmove for informational purposes

The government has announced that the temporary stamp duty holiday in England and Northern Ireland has been extended until the end of June.

The news will hopefully come as a relief to those buyers and sellers who have been desperately trying to get their sale completed in time to meet the previous deadline of 31st March.

What is the temporary stamp duty holiday? 

The temporary stamp duty holiday, first announced by the government on 8th July last year, means that if you are buying a home up to the value of £500,000 you will not pay any stamp duty.

The extension means you now have until 30th June to complete on the purchase to make the stamp duty saving.

Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September.

It will return to the usual threshold of £125,000 on 1st October.

There hasn’t been any further update from Scotland on any extension to the Land & Buildings Transaction Tax (LBTT) holiday, which is currently due to end on 31st March 2021.

In Wales, temporary Land Transaction Tax reductions are also set to end on 31st March, but we’ll let you know if this changes.

Are there delays in the home-moving process right now? 

When the announcement was first made in July we recorded our busiest ever day on Rightmove, as people rushed to see if they could move home and make use of the savings, leading to a huge increase in the usual number of sales that would be going through the legal process.

We estimate that there are currently 628,000 sales going through, and this massive number, coupled with the challenges of conveyancers, solicitors and councils working from home, has led to delays in the home-buying process.

Our latest data shows that it is taking an average of 65 days from the time a seller has a property listed by an agent on Rightmove until they get an offer accepted, and a further 126 days to get through to legal completion, which is almost seven months.

But remember these are averages, and other factors such as if you are a cash buyer or if council searches in your area take longer will affected how long it takes.

What do the experts say?

Our resident property data expert Tim Bannister explained that the stamp duty holiday extension should give tens of thousands of home-movers the chance to complete before the new deadline.

He said: “This three-month extension will come as a huge relief for those people who have been going through the sales process since last year and were always expecting to make use of the stamp duty savings.

“Our recent data shows one in five sales that were agreed in the same month the stamp duty holiday was first announced in July last year still haven’t completed, so this additional time will make a big difference to help those stuck in the logjam complete their purchase in time before the new end of June deadline.

“Buyers who have recently agreed a sale now have a race on their hands to see if they can also make use of the stamp duty savings, but many with purchases over £250,000 will find that time is too tight to complete before the end of June and so shouldn’t be factoring this into their purchase.

“It’s worth remembering that the average savings vary massively around England, and first-time buyers will still be exempt if they’re buying for £300,000 or less. There are also many other reasons people are choosing to move, evidenced by the strong buyer demand Rightmove has already seen in the first two months of the year.”

According to tax specialist, Imogen Lea, financial penalties due to ‘seismic’ changes to CGT payment rules could heavily impact people selling buy-to-let properties.
From April 6th, anyone who disposes of a residential property giving rise to a capital gain on which CGT is payable, will be required to make a digital return to HMRC and to pay an estimate of the CGT due within 30 days from the sale completing.

People will also no longer be able to benefit from a possibly substantial sum of money remaining in their hands for up to 22 months after residential property disposal.
Imogen, a consultant in Clarke Willmott’s Taunton private capital team, says: “This is a very big change and could easily catch people out. Interest on the unpaid tax and other financial penalties will be due if the rules are not followed. The risk of such a tight turnaround is people being unaware of the changes and failing to comply. They need to be aware of the vastly reduced time limits and to be ready to make the return and estimate the CGT due.

CGT computations are not always straightforward, which could mean that if people are not prepared, they might not be able to collate the information necessary to make the CGT calculation in time.”

The changes will potentially affect owners of holiday homes, buy-to-let properties, main residences which have been let out at some point, owners of homes with grounds in excess of half a hectare, and owners of houses which have been partly used for business purposes.

Imogen says the changes will not generally apply on the sale of a person’s main residence, but will be relevant on the sale of second homes, and where the main residence exemption does not apply for any reason.

“Gains are not always straightforward to calculate – if an owner has made improvements to the property the cost of these will be deductible from the capital gain, but if there have been numerous improvements over many years it may be challenging for the client to find all the supporting documentation.”

Imogen urges property owners to make an early start of compiling the required information and to start thinking about the CGT position as soon as the property goes on the market.
CGT is calculated by treating the gain as the highest amount of the owner’s income during the tax year in question, and therefore clients will need to estimate their income during the tax year of disposal as this will impact on the CGT rate applicable to the gain.

Personal representatives and trustees, as well as individuals, will be required to comply with the new rules. Meanwhile, gifts of properties also give rise to a disposal for CGT purposes triggering the new requirements.

John Bunker, chair of Chartered Institute of Taxation’s private client UK committee, has branded the new reduced deadline as “a seismic change”.

If you are interested in buying selling or letting a property in Leatherhead, Fetcham, Ashtead, Bookham, Epsom or surrounding areas then please call the office on 01372 221 678 to speak to a member of the team. 

Anyone struggling to sell their home should consider a garden revamp to help make their property more attractive which could be the perfect thing to do in 2020! If you're in Fetcham,Ashtead, Leatherhead or even the surrounding areas and you're looking to sell your property this year, then these following tips could really be useful in how to create a beautiful space which will get you noticed. 

Similarly, homeowners who are thinking about putting their property on the market should seriously consider a little green-fingered artistry.

The garden experts at BillyOh.com have mulled over this conundrum and come up with six relatively simple ways to spruce up your outdoor areas.

A spokesperson for BillyOh.com says: “A garden, specifically the front one, is the first impression any prospective buyers of the house will get.

“Treating the garden like any other room of the house will help you make sure it’s working in your favour when the viewings start coming in.

“Although your garden may seem perfect for you and your family, you need to look at it objectively to see what an outsider would think.”

Here are the top six garden transformation tips, according to BillyOh.com:

1. Tidy

If there are piles of rubbish everywhere, this may cause prospective buyers to think this is reflected on the inside of the house. Giving the fence and any furniture a fresh lick of paint will help the space look more welcoming, as viewers visualise themselves and their family in the space.

2. Low maintenance

A low maintenance garden is something which will help sell the house. It means it’s easier for the new owners to put their own identity on the space. Tiered gardens can often put some buyers off, along with big trees which could potentially cause a problem with foundations later down the line. 

3. Hedges

If hedges are all trimmed back and neat it will help the space look bigger. Hedges also frame the garden but ensure they don’t look too daunting as you don’t want to offload a large gardening task onto the new owners, who may not be sure on how to look after them.

4. Privacy

No one likes an open garden where all the neighbours can look in. Consider putting up fences or maybe some high hedges to ensure the garden feels like a private extension to the house. An arbour over a seated area could also work for gardens in higher built up areas.

5 . Size

A big, easy to maintain garden is something which many buyers will be looking for. You can make your space immediately look bigger by taking down any children’s toys such as swings or trampolines. You could even consider moving any sheds or greenhouses to ensure the space looks as spacious as possible.

6. Paving

Remember that your garden is not just about the grass and flowers, but also the paving, decking and any other features that come with it. Make sure these have been power-washed down and look clean, and that any cracked paving stones have been replaced.

For Sales & Lettings please call the Ashtead office on 01372 221 678 and we would love to help. 

While it’s never wise to second-guess what house buyers want, there are certain attributes that most will find attractive. As a seller, you want your home to appeal to as many people as possible, so it’s good to bear in mind what some of these key attributes are.

Of course, some things will be outside of your control – your home might not have good on-street parking, a garage or a decent-sized garden, for example – but if you can offer at least some of the things that many buyers are looking for it makes sense that your chances of selling your home will go up.

Location, location, location

This is often the key selling point for buyers, with homes close to good public transport links such as Leatherhead, Ashtead and Fetcham, good schools, green spaces and local amenities likely to be most in-demand. Naturally, you can’t affect the location of your property, but if you have a home within the catchment area of a high-performing school, nearby to reliable transport links or within walking distance of green space, then this is likely to impress potential buyers.

People will be looking for different things – a family with young children will have different wants and needs to a young professional, for example – but a few things remain the same across the board. A home in a safe, friendly neighbourhood – with good shops, restaurants and leisure facilities nearby – will always have considerable appeal.

Cost

Yes, buyers will be eager to negotiate a reasonable deal and won’t want to pay over the odds, but at the same time most buyers will be willing to pay a little more if the home in question is really special, particularly in a dog-eat-dog marketplace where competition is fierce and those who rest on their laurels tend to miss out.

As things stand, sellers are in a pretty good negotiating position, with demand for homes continuing to outstrip supply. That being said, you still need to be sensible and realistic when it comes to asking prices. It’s a difficult balance to strike – set your asking price too low and you risk under-selling your home, but set it too high and it could serve to put prospective buyers off. This is where we can really aid you, using our experience, knowledge and awareness of market conditions to set a fair and reasonable asking price for your home.

The wildcard approach

Most buyers will have basic requirements for a home depending on their circumstances. So, for example, commuters will want to be near a train station, those with kids will want to be close by to good schools and young professionals might be after easy access to the town/city centre. In some cases, though, buyers might still be willing to make an offer on a home even if it doesn’t meet their basic requirements. It might be a little bit out of their budget, it might be a bit further out than they like, it might not have a garden or it might be a bit smaller than they’d hoped for. Still, they love the home enough to take a gamble on it. Even some essential odd jobs which need doing may be ignored by potential buyers keen on buying your home.

As a seller, you can take advantage of this. Everyone has an idea of their dream home, but it’s rare that this plays out exactly in real life – if a home is nearly perfect, but just short of a few little things, that is unlikely to put most house buyers off. When selling a home, you shouldn’t narrow your options; you should be open to a wide range of potential buyers and demographics. After all, a wider pool of would-be buyers means a higher chance of receiving an offer.

The non-deal breakers

These are the things that house buyers would like in an ideal world, but can do without. So, for example, two bathrooms instead of one if there are lots of people living in the same home. A utility room, on street-parking and a garage/shed are other examples of things that aren’t deemed essential but would be an added bonus all the same.

In other words, sellers who don’t possess the above shouldn’t panic. However, if you do have good on-street parking, a spacious garage and a handy utility room, don’t be afraid to use this as part of your sales pitch.

The added bonuses

These features are ones that buyers wouldn’t expect, but might be on their secret “luxury wish-list”. This includes things like a south-facing garden (which provides far more sun in the summer months), a feature fireplace and an electric door on the garage. None of these are essential, but they all help to add a nice little bit of gloss to a home. Even more out-there would be things such as swimming pools, home cinemas or a games room.

As we said, house buyers won’t be desperately hoping for these elements, but if you have any luxury, standout features it is once wise to show them off.

The following post should hopefully provide you with the best top tips on everything you need to know to rent your dream property. 

1. What kind of budget do you have? 
Think long and hard about how much you want to spend. It's easy to get carried away with that better and more attractive property, but don't forget you also have bills to pay when you move in! 
If you have a family and need four bedrooms, you will almost certainly have to pay a premium for a garden and extra living space. Whilst, if you’re searching for a one bedroom flat close to central London and your budget is £1,000 per month, then you may need to widen your geographical search!

As with life, searching for a rental property may include having to make compromises, but this doesn't mean you won't be able to find a property that you enjoy living in.

2. What are your requirements?
If you’re living alone, or you have a large family with kids and a dog, your needs will be different. Your choice of rental property needs to complement your lifestyle. Draw up a list of the most important aspects you are looking for and go from there.
Make sure you are clear about your priorities. A second bedroom might be useful, but would you actually prefer a garden?

3. Where do you want to live?
The old adage 'location, location' is equally true when renting a property. You may have your heart set on a specific area because you know it well or because you have friends or family nearby, but it’s always worth keeping an open mind and letting your budget drive your search.
If your monthly budget only allows you to rent a one bedroom flat in area of choice, you might want to consider a two bedroom apartment slightly out of area. Especially if it affords you more space and saves you money. This is often a popular compromise when renting. 

4. Register with Rightmove, Zoopla and local agents
Online portal such as Rightmove and Zoopla are a great way to start your property search.
However, be aware that some properties are rented out before they even get listed online, so it’s worth registering with a local estate agent who will help you find properties as soon as they become available.

5. View, View and View!
Unless you are very confident that your first property viewing is 'the one', it's worth viewing several properties so that you get a feel for what's available. Be realistic in your search. When you have a clearer view about what you want and you find one that 'nearly perfect', don't umm and ah! Rental markets can often be competitive and chances are the property is already being eyed up by someone else!

6. Making that all important offer
When you’ve found a property you are happy with, put your offer into the agent straightaway. You might get away with an offer that’s lower than the asking price but be prepared to go higher, especially if you are up against other offers. To maximise your chances of getting the property, we'd recommend making an offer as close as possible to the asking price. You could offer the asking price with an extended term for example. This might be more attractive to the landlord than a slightly higher offer for the minimum term.  
Don't forget, when you're negotiating with the agent, now is the time to make any requests to the landlord about anything you would like to change.

7. Paperwork!
It's always preferable to get your paperwork together in advance of making an offer. It will be less stressful for you and will avoid any holdups in the process. Here's what you will typically need:
•    Some form of photographic ID. You will need to present this to the agent in person
•    Proof of address
•    Completing a Right to Rent check in branch
•    Bank statements from the past three months
•    Reference from your current landlord/character reference
•    Reference from your employer
•    Possibly a guarantor reference
The documentation will need to be approved by the landlord.

8. Sign the contract and pay your deposit 
Whilst the paperwork is being prepared you will need to pay your deposit and the first month’s rent. You will also need to sign the tenancy agreement, which is the contract in which you formally agree to rent the property. Your landlord will also sign the tenancy agreement and, at this time you should also raise any questions or concerns you may have. Future rent collections will probably be by standing order, so that may need setting up too.

9. Moving in…
When the paperwork is in place and your deposits have been paid, it’s finally time to move in! The keys for your new rental home will be available on the day your tenancy starts, so you'll need to plan removal companies / other modes of transport around when you’re able to collect the keys from your  lettings estate agent.
An inventory will also be prepared for your new property, possibly on the day you move in. It's a good idea to request a copy. In addition, we'd recommend that you take your own notes/photographs detailing the condition of the property on the first day. If there's anything that has the potential to cause a dispute in the future, take a photograph of it and ask the agent/landlord to put it right.

10. Relax & enjoy!
Once you've moved in, relax! Congratulations and enjoy your new home!.
 

Part of this care is looking after the information you have provided to us.

From 25th May 2018, a new privacy law will come into practice. I would like to reassure you that we have and will always take the utmost care of your personal details. The information we hold are only the details that we need to either sell your property or send you information by properties that you may be interested in. Once we have sold your property then we only retain the information that we are required to by law, we will never contact you again unless you have asked us to.

We will never pass any information on unless we need to do so for the sale or purchase of a property but we will always get your permission.

If you do have any questions please speak to a member of the team and we will be happy to explain this in more detail.