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APRIL NEWSLETTER


Welcome to the April edition of our intelligent newsletter! We aim to keep you up to date with our latest news, give you top tips from industry professionals and provide interesting and helpful articles relating to the property industry and much more. You are able to update your preferences so you only receive articles which are relevant to you. If you like what you see, please be social and share our newsletter via social media. To ensure you don't miss out, just add this email address to your Safe Senders list.

FEATURED PROPERTY - Church Row, Hurworth

Individually built four bedroom detached residence within the picturesque village of Hurworth. Presented to show house standard internally the property has double glazing, gas fired central heating and security alarm system. To the ground floor the open plan living room leads to the dining room with double doors opening in to the kitchen. A conservatory off the kitchen leads on to the private enclosed rear garden with extensive patio, sun terrace and decking area. 

  

Covered portico entrance with double glazed access door opening into a sizeable reception hallway with feature return staircase with concealed lighting giving access to first floor accommodation. Karndean flooring and doors opening onto all ground floor accommodation.

Cloakroom/wc off the hallway fitted with a white suite comprising low level WC, wash handbasin, partly tiled surrounds, Karndean flooring, extractor fan.

Superbly appointed spacious large living room with bespoke wall mounted remote control gas fire, recessed lighting to ceiling, Karndean flooring, TV aerial point, power sockets, double glazed window to front aspect with additional double glazed french doors opening on to the rear garden giving the room a light and airy feel.

Good sized dining area with Karndean flooring, useful understairs storage cupboard, central heating radiator and power sockets.

 

No expense has been spared in the quality fitted kitchen with units to wall and floor with contrasting silestone work surfaces with matching splash back and breakfast bar. Inset sink unit, extractor hood, induction hob, fan assisted double oven, integrated microwave, recessed low voltage lighting, access door to garage and double glazed door opening into conservatory.

A further good sized addition to the property is the conservatory being fully double glazed with views overlooking the private enclosed rear garden.

  

A spacious galleried landing area giving access to all first floor rooms with Karndean flooring, recessed lighting to ceiling, double glazed window to front aspect and doors opening onto all first floor accommodation.

An excellent sized double master bedroom having colour co ordinated decor with double glazed window to front elevation, recessed low voltage lighting to ceiling, attractive flooring, central heating radiator and power sockets. Fully tiled en-suite shower room and fitted with a white suite, porcelain handbasin with vanity unit beneath. Double walk in shower cubicle with overhead rain shower and glass shower screen, heated chrome towel rail, large vanity mirror with lighting, recessed low voltage lighting, extractor fan and double glazed obscure window to rear elevation.

   

 

Three further bedrooms and family bathroom. Fitted with a quality white suite comprising panelled bath, walk in fully tiled shower cubicle with overhead shower, low level WC, porcelain wash hand basin, Karndean flooring, recessed lighting to ceiling and obscure double glazed window.

Externally the property enjoys a superb position within this sought after village location. At the front the property is approached over a large driveway which provides hardstanding and parking for several vehicles and gives access to the garage.

With remote controlled door, power and lighting, wall fitted units with contrasting work surfaces and plumbing and space for automatic washing machine.

A feature of the property is the excellent enclosed rear garden which has the benefit of being most private. The garden has an extensive decking area with a further sun terrace, lawned area (Astroturf) and established borders, a pergola covered with an abundance of clematis, gravelled display area and the rear garden is enclosed with timber fencing. Also having side gated access to the front of the property. All in all a most interesting and varied garden.

 



Budget 2016

Following the recent Budget announcements, how will the changes affect the property industry and individuals buying and selling properties?  See below for some useful question & answers. Visit www.gov.uk for full information.   If you have any further questions please do not hesitate to contact your local office.

"Q. What is the 3% Stamp Duty surcharge?
A. It's a 3% loading on existing Stamp Duty rates, which are set out on the table below:

Q. Who has to pay it?
A. Anyone who is buying additional residential properties, for example a holiday home or buy-to-let, within England, Wales, Northern Ireland and - under a separate announcement in the Scottish Government's Budget - in Scotland too.

The surcharge will apply even if the home you already own (or part-own) is overseas. So, if you have a ski chalet in Bulgaria and are buying your first home in the UK, you’d still be stung with the extra tax.

Q. When does it kick in?
A. The new surcharge takes effect from 1 April, 2016, but was first announced in the Chancellor’s 2015 Autumn Statement. If you want to avoid paying it, you must complete (not just exchange) on any second home purchase by midnight on 31 March, 2016 (unless you had already exchanged on or before 25 November, 2015, the date when the new tax was announced).

Q. How is the tax charged?
A. Regular Stamp Duty is, these days, charged on a tiered basis (so you only pay the higher rate on the slice above any threshold – the same as income tax). But the 3% surcharge will still effectively work as a slab tax. In other words, the 3% loading will apply to the entire purchase price of the property.

Q. How much does that translate into?
A. As an example, if you are buying a second home with a purchase price of &300,000, just the extra 3% Stamp Duty would equate to &9,000 (3% of the entire price). This is in addition to the &5,000 regular Stamp Duty bill on a home of this value, making the total payable an eye-watering &14,000.

To get an overall Stamp Duty figure on a second property, work out the regular cost first with our handy calculator. Then calculate 3% of the purchase price and add the two figures together.

Q. What if the home I am buying is my main residence?
A. If the home you are buying directly replaces your main residence, you will not be liable for the 3% surcharge, even if you own an additional home/s at the same time. This example is straight from the Government's consultation document:

"A owns both a main residence and a second home. She sells her main residence and purchases a new one. Although she has two properties at the end of the day of the transaction, she has replaced her main residence so the higher rates will not apply."

But the Treasury says that moving out of rented accommodation does NOT constitute a main residence. Your last residence will need to be disposed of (ie, sold) to escape the surcharge. Gifting a property however, DOES constitute disposing of your main residence.

Q. What if I need to buy another main residence before I can sell my last one?
A. If you move out of your main residence (Home A) but keep it and buy another main residence (Home B), you will have to pay the 3% Stamp Duty surcharge initially. However, so long as you sell Home A within 36 months of completing on the purchase of Home B, HMRC will make a full refund.

Q. What if I sell my main residence but I'm not able to buy another one straight away?
A. In some cases, (for example, if you are moving back to the UK after living abroad), you may have to sell your main residence but move into a 'stop gap' before you can buy a new one. In this case, you will offered a 'grace period' of 36 months during which time the purchase of your next main residence will not be subject to the 3% surcharge.

Q. What if I already own a property, but I'm buying with a partner who doesn’t?
A. Unfortunately even if just one of you already owns a home, when you are buying another one together, the 3% Stamp Duty surcharge will apply.

Q. Can I avoid the surcharge by setting up a limited company?
A. The government has a keen eye on preventing tax avoidance with this new levy, so you won't be able to escape the surcharge by setting up a limited company for the purpose of buying an additional home or homes. We;re currently waiting on more information from the Treasury on how this will work for existing limited companies.

Q. What if I am a major property investor?
A. It was confirmed in the 2016 March Budget that major investors in residential property will be liable for the 3% surcharge. In its initial consultation, the Government had earmarked 'bulk buyers' of 15 or more residential homes for exclusion as they were deemed to be 'contributing towards new housing supply'.

Q. Can I just omit to mention to my solicitor about the fact I already have a home?
A. HMRC has instructed the country's solicitors and property lawyers to ask buyers the question outright of whether they already own another property. If you don’t answer truthfully it’s tantamount to fraud - penalties for which could be a lot worse than a 3% Stamp Duty loading.

Q. Are there any exemptions?
A. You won’t pay the 3% Stamp Duty surcharge on second homes that cost less than &40,000 (see 6 homes on Zoopla for under that budget), or on caravans, mobile homes and houseboats.

And, while it's not an exemption, it's worth noting that if you pay Capital Gains Tax on the sale profits of an additional home, you can offset the cost of the 3% Stamp Duty surcharge against your bill.

Q. What if I inherit my property?
A. No Stamp Duty is payable on properties that are inherited, so the 3% premium will not be relevant. However, if you have inherited a property and go onto purchase a second home without selling it, you will be hit with the surcharge.

Q. Is all this set in stone?
A. The Government's consultation on the surcharge and how it will work closed on 1 February. The final policy design was announced in the Chancellor's Budget on 16 March.

COMMENTS DO NOT CONSTITUTE FINANCIAL ADVICE AND ARE PROVIDED FOR GUIDANCE ONLY. " source Zoopla



Spring Shine!

Spring is now upon us, the peak time to put your home on the market; many buyers are actively searching for a new home during the beginning of the year, as well as trying to sell their own. With a lot of competition around you, it is worth ensuring that your house is in picture-perfect condition before the buyers descend to explore. What kind of things can you do? Read our tips below to optimise your house for spring viewings…

Wash your windows
– One of the first things a buyer sees are your windows, and in the spring sunshine any dirt or finger marks will be easily noticeable. To prevent this, wash them inside and out, ensuring that they sparkle. Ensure all curtains are washed, and open the windows when buyers are around.

Tidy the gardens – Ensure that your front and back gardens are ready for viewings. Dried up leaves could still be kicking around from the previous seasons, and bushes might be overgrown. Make sure everything is trimmed and tidy and ready for viewings. Having the garden tidy also ensures your house has great kerb appeal for anyone driving past.



Spring flowers – The winter has been a long one and many people are looking out for the first signs of spring. Tulips and daffodils are beginning to bloom at this time of year, and seeing them at your property will bring a smile to your buyers face. Why not place them in containers and put them on your porch step?

Carpets and floors – If you have hardwood flooring, ensure that they are cleaned to perfection. Hoover your carpets and remove any dust. Aim to reach the areas that are often missed, such as skirting boards.

Let in the colour – Bring spring colours into your home staging when buyers are over. Having spring colours brightens a room; add different coloured towels and cushions to your bathrooms and living areas, ensuring they are washed and ironed. Such simple touches can go a long way.

Weather – As much as we like to envision spring being a sunlit few months after the dregs of the winter snow, it can bring unpredictable weather. If it rains, it is ideal to have a mat at the door for people to wipe their feet, and somewhere to put an umbrella. Not only will people appreciate it, but it’ll keep your carpets clean too!

Why not prepare your house for spring viewings this weekend? Just simple little touches can put you ahead of the competition in your neighbourhood; ideal if you want a quick sale.



Inspiration for the great outdoors!

Now the weather is nicer and the nights are lighter we are all keen to get out in the garden. Homebase have some great ideas to spruce up your outside space.
Click here to read Inspiration for the great outdoors!.



What's the Cost Of Buying A New Home?

You’ve decided to take the plunge and buy a home, so whats next?
Click here to read What's the Cost Of Buying A New Home? .



Thinking about booking a holiday somewhere this Summer?

Click here for more details on holiday homes for sale
Click here to read Thinking about booking a holiday somewhere this Summer? .



How to give dated kitchen cupboards a chic new look

How to modernise your kitchen for as little as £100
Click here to read How to give dated kitchen cupboards a chic new look.