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Refundable Holding deposit - Capped at 1 weeks rent

Security Deposit - Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent - The agreed monthly rent

Changes to tenancy - Capped at £50 inc VAT

Early termination charge - Not exceeding the landlord’s financial losses

Late payment of rent - Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys - Reasonable costs or give the tenant the option to purchase themselves.

Utilities, council tax, communication services, TV Licence etc - Tenants own responsibility unless otherwise stated in contract

Client Money Protection Scheme
Membership details TBC

Property Redress Scheme Membership details - Membership number D8870

DPS Deposit protection Scheme - Agent Number 1581837

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Stamp Duty EXTENSION


 

A Budget Brief - March 2021

 

It’s happened...

Chancellor Rishi Sunak yesterday announced that the Stamp Duty Holiday will be extended until the end of June…and then there will be a further extension to September with different terms.

 

We firmly believe the news from this week’s budget is great for homebuyers in Thanet who may have been concerned that their transactions wouldn’t complete in time to take advantage of the savings.

 

The original Stamp Duty Holiday in July 2020 was a major boost to the whole market and now this further extension and also the introduction of the new mortgage guarantee scheme will further boost the property sector.

 

What is Stamp Duty

 

Stamp Duty is a tax on property, with certain amounts needing to be paid dependent on the price of a property.

 

Back in July last year, Mr Sunak told homebuyers that they no longer needed to pay it on the purchase of a main home up to £500,000. A potential saving of around £15,000

 

This was fantastic news and boosted the market across the UK – something that was very much needed during these uncertain times.

 

As the budget approached, there has been much speculation and even petitions calling on the Stamp Duty Holiday to be extended – and finally it has been, until June 30, 2021.

 

And there’s more!

 

  • From July, the price point at which you need to pay Stamp Duty will be £250,000 (originally it was £125,000).
  • From October 1, it’s back to normal and down to £125,000.

 

The Future

 

We believe that Stamp Duty should be due for a more comprehensive overhaul long-term, so expect this to remain in the news over the coming months!

 

There’s Still Time

 

Meanwhile, if you’re thinking of selling your property in Thanet, there’s still time to get moving.

 

Mortgage Guarantee Scheme from April

 

In addition to the headline-grabbing news about Stamp Duty, Chancellor Rishi Sunak also announced that the Government would guarantee 95 per cent mortgages for property purchases up to £600,000.

 

This is stellar-news for:

 

  • Lenders - Who should now have the confidence to lend as the Government will back portions of the mortgages.
  • First-time Buyers - Who can get on to the property ladder, it means you don’t have to save quite as much money for a deposit.
  • Existing Homeowners - Who want to re-mortgage to release equity or to trade-up.

 

If you’d like to know more, or are thinking of moving, please call us on 01843 53 00 35

 

Thanks for reading.

John

 

John Bird

Thomas & Partners


01843 53 00 35

john@tpestates.uk

www.tpestates.uk

 

PS. For a range of free valuation options, please Click Here

 

Copyright 2021 Thomas & Partners Thanet

 

 

 

 

Written by JM Bird