Stamp Duty Tax changes - help for buyers!

The Chancellor has announced support for Home Buyers!

In the recent Mini Budget, Lord Chancellor announced a cut to Stamp Duty Land Tax, which is a tax paid on property purchase. The cut raises the threshold of how much a property has to cost before stamp duty is paid to £250,000.

First time buyers will have no tax to pay for properties priced up to £425000. They will be able to claim relief on properties worth up to £625000.

This change will help many home buyers across the country

If you need help with house buying process, contact us and we will be happy to assist you.

Information contained within the blogs was correct at time of publication but is subject to change.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Help to Buy Equity Loan - First Time Buyers!

Final dates to remember as Help to Buy scheme is ending soon!

Help to Buy Equity Loan scheme has helped many first-time buyers recently get on to the property ladder and move into new homes.

The scheme is ending soon though and so far, the Government has not come up with any idea to extend it or replace it with a similar programme. There are other support schemes for buyers however this one has 3 significant dates to remember now:

• 31 October 2022 is the final day to reserve a new build and submit application to Help to Buy Agent

• 31 December 2022 is the final day to complete build of the property. It must be completed to a condition ready to move in.

• 31 March 2023, is the final day for legal completion.

These dates are very important and cannot be missed or else the buyer may no longer qualify to use Help to Buy Scheme.

If you know anyone who is thinking of buying a newbuild property with Help to Buy Programme, let them know!

*We are a registered broker to assist mortgage applications with the use of Government Programmes, including Help to Buy so if you have any questions, do let us know.

Information contained within the blogs was correct at time of publication but is subject to change.

Your home may be repossessed if you do not keep up repayments on your mortgage.

If you are a landlord, you need to be aware of the new regulations with a deadline in 2025.

As the government has their target to reduce carbon emissions to be net-zero by 2050, new requirement has been introduced to make all let properties energy efficient.

By the end of 2025, for all new tenancies in the UK, it will be a legal requirement that let properties have EPC (Energy Performance Certificate) rating of C or above. All existing lets will need to achieve this by 2028.

There is still time to prepare for this move as many older properties that now only need to be at least EPC rating E, will need to be upgraded. These upgrades might cost landlords thousands of £s.

Should this requirement not be met by the deadline, landlord will not be able to let legally and they could be penalised with up to £30000 fine.

The EPC is a certificate specifically assessing how energy efficient the property is. The assessment to grade the property, needs a special inspection arranged. The grading is A to G, with A given for the most energy efficient properties. The certificate is valid for 10 years. If it expires, landlord will be required to have a new inspection to obtain a new EPC.

Some properties might be exempt from new EPC requirements though.