The summer is usually a quieter time on the property market so take advantage of this to prepare for the Autumn surge. These tips will help you get your house ready and get the best price, as quickly as possible. Continue reading ..

STAMP DUTY

Stamp Duty Land Tax also known as SDLT is payable by a purchaser of a property or land.

This tax is paid on the following occasions:

  • buy a free hold property
  • buy a leasehold property
  • buy through shared ownership

The amount of tax you will need to pay depends if the property is a residential or non residential such as land, shops or offices. The value of the premiss need to be over £125,000 from where this tax is payable.

You will need to pay HMRC within 30 days of completion of the sale. This is usually processed by your chosen solicitor or agent who will arrange to pay this on your behalf. Alternatively you can arrange payment yourself and file a return to HMRC. Do be careful as failure to submit your payments promptly will incur penalty charges!

I am sure you are all aware this change will come into force from 1st April 2016 so if you are currently purchasing a property it may be wise to put some pressure on your legal team as the clock is ticking.

From 1st April the stamp duty charges will increase by a further 3% for those who are looking to buy to let or are purchasing their second home:

Band                           Standard Rate                              Buy to Let/ Second Home

Up to £125,000                        0%                                                     3%

£125,001 – £250,000               2%                                                     5%

£250,001 – £925,000               5%                                                     8%

£925,001 – £1.5m                    10%                                                   13%

£1.5m and over                        12%                                                  15%

 

SDLT can also be reduced if free standing fixtures and fittings are removed. These can be items such as carpets, fridge/ freezers, curtains, and wardrobes. Any items fitted to the property such as plug sockets, fitted wardrobes cannot be removed from the value of the property price.

There are only 15 days to go before the 1st of April…

SPRING HAS SPRUNG

Spring is in the air in London and what a great time to invest in an exclusive penthouse located in the up and coming vibrant Royal Docks, London, E16 to do list app.

SKAMPI are offering this three double bedroom, eighth floor penthouse with great views and a stunning wrap around terrace.

This property is located in the sought after Tradewinds development constructed in 2002. Residents have full enjoyment of a fully equipped gym, hot sauna, and an ultra friendly and professional 24 hour concierge staff. Security in London is paramount so Tradewinds offers great secured parking for your pride and joy. The development is also fully gated with a key fob for additional security.This penthouse offers 1076sq ft and boasts two bathrooms. The interior has contemporary fixtures and fittings along with fitted wardrobes in each room.

In the Winter months the double glazing and gas central heating makes this penthouse a cosy home. During the Summer months, the water feature on the terrace can be heard and seen. The subtle sound of the trickling water allows you to fully relax on the terrace and enjoy the British Summer.

This beautiful penthouse is in close proximity of DLR stations such as Pontoon Dock and West Silvertown, the Jubilee Line (underground), City Airport and the up and coming Cross Rail. The Emirates Cable Cars, Excel Centre and O2 are all within easy commute from this popular development. If you prefer to unwind after a heavy day at work you can take a short walk down to Barrier Point Park where you will set eyes on spectacular views of the River Thames.

Prices for these penthouses are on the up and they are highly respected by tenants due to their facilities on offer.Investors should contact us to discuss further details and facilities of this penthouse in the Royal Docks E16 area.We can advise on finance, rental, interior design, maintenance and ultimately selling.

Keep an eye out on our website for further property updates.