Buy-to-Let Homes Face Higher Stamp Duty

Buy-to-Let Homes Face Higher Stamp Duty

 

The chancellor has announced buy-to-let landlords and anyone buying a second home will soon have to pay more in stamp duty. From April 2016, those in England and Wales will have to pay a 3% surcharge on each stamp duty band. 

The new tax implications mean that someone buying a rental investment at £500,000 will pay £30,000 in stamp duty land tax; double the amount that someone will pay who is buying the same property to live in. The full effect can be seen in the table below:

PURCHASE PRICE

FIRST HOME

BUY-TO-LET / SECOND HOME

£250,000

£2500

£10,000

£300,00

£5000

£14,000

£400,000

£10,000

£22,000

£500,00

£15,000

£30,000

£750,000

£27,500

£50,000

£1m

£43,750

£73,750

 

The only positive spin that can be put on this news is that the new laws do not come into force until April 2016. In the longer term it is widely expected there will be less rental properties available, causing rents to rise. 

If you are considering expanding your property portfolio then now is time to do so.

Rental properties are still widely viewed as a brilliant investment. South London continues to evolve, the capitals population continues to grow and people still need places to live. We believe that if you are going to expand your portfolio then now is the time to do it. 

Jacksons have been letting homes in South London for over 20 years and have grown to twelve offices during that time. We differentiate ourselves from other estate agents because of our focus on customer care and personal service.  Our knowledgeable staff are dedicated, professional, intelligent, friendly and offer a straightforward service. 

Our Sales team are market leaders and will guide you through every step of the buying process ensuring that the transaction proceeds smoothly and on time - from acceptance of offer, through to survey, mortgage valuation, exchange of contracts and finally completion; when we hand you the keys!

Along the way we can advise and recommend any third parties who may be able to help you such as solicitors, surveyors, mortgage brokers and builders – and we will always be on the end of the phone when you need us.

 We want to help you expand your portfolio

Our Lettings Managers are experts in their local area and will be able to advise you what rent you could achieve. We want to work with you and help you find your new investment, which is why if you buy a property through Jacksons or any other firm and complete before 31st March 2016, we will offer you a 30% reduction off our standard fees. 

To take advantage of this fantastic offer contact your local branch today

Terms & Conditions

 

1. By participating in this promotion, participants agree to be bound by these terms and conditions, which are in conjunction with the standard terms and conditions of Jacksons Estate Agents (Jacksons).

2. Jacksons reserves the right to alter the terms and conditions relating to this promotion at any time, and revert to their standard terms and conditions without notice.

3. Employees of Jacksons, any advertising agency or web company connected with the promoter or any such person's subsidiary or associated companies, agents or members of their families or households, are not eligible to participate in promotions.

4. Jacksons reserves the right to verify the eligibility of all participants.

5. By participating in promotions, participants consent to the use of their name, image, photographs, discount recieved, given social media name and geographical location for advertising, promotional and news purposes without additional compensation, except where prohibited by law.

6. Individuals who purchase a property through any estate agent and let it through Jacksons Estate Agents during this promotional period shall be eligible for the discount.

7. For the purposes of clarity Jacksons' standard fees are 10% + VAT for Let Only, 12% + VAT for Letting and Rent collection and 16% + VAT for Letting & Management. 

8. During this promotion rates will reduce to 7% + VAT, 8.4% + VAT and 11.2% + VAT respectively, all other standard terms would apply.

9. Participants must purchase a property through Jacksons or any other Estate Agents by 31st March 2016, and instruct Jacksons to act as Letting agent before 30th April 2016 to qualify for a 30% discount from the standard Letting fees. 

10. The reduction applies to the first terms fees only (terms are defined in Jacksons' Letting terms and conditions)

 
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