The Chancellor announced this week in his autumn statement that Buy-to-let landlords and people buying second homes will have to pay more in stamp duty from April 2016.
Those in England and Wales will have to pay an additional 3% on each stamp duty band. George Osborne expects the surcharge to raise £1bn extra for the Treasury in the next five years. The stamp duty surcharge will be lifted by 3% in each of the bands. Commercial property investors, with more than 15 properties, are expected to be exempt from the new charges.
Property can get quite vulnerable to damage in the autumn and winter months, so whether you are a landlord, tenant or agent, have a look at these handy hints & tips:
• When autumn arrives and leaves drop from the trees, these can often land in gutters, drains and drain hoppers. If these are not removed, they can cause rainwater to flow over the gutters etc. and water to penetrate through the brickwork. Keeping gutters clear of leaves could prevent damp in the property.
Last year, just as the pilot on the right to rent was starting, I did a series of short blogs on the potential impact of the 2014 Immigration Act on Landlords. Now the pilot has been evaluated and the legislation comes in for all Landlords in February 2016, just over three months away. It is therefore time to update and go forward.