Residential Property Spotlight
Welcome to Blake Morgan's latest edition of Residential Property Spotlight, bringing you a round-up of the topics most relevant to you and your clients.
An apartment in London for sale for just £90,000 - what's the catch?
An apartment in the famous Eaton Square is being auctioned for only £90,000. However the chance to be neighbours with the likes of Nigella Lawson, for such a small sum of money, sounds like an opportunity that's too good to be true, and on closer inspection, it seems like it is just that...
ATED: Time for returns, re-valuations and reviews
The Guardian published a story recently with the stark headline "£220,000: the price super-rich will pay to keep their privacy". Reading below the banner, the newspaper was highlighting the Annual Tax on Enveloped Dwellings (ATED) charge which applies to residential properties valued over £500k owned by 'non-natural persons' and the revenue it brings in. But is ATED only about privacy for the super-rich and, if you are an ATED payer, what should you be considering?
SDLT 3% surcharge on inherited properties
The 3% Stamp Duty Land Tax surcharge on second homes, could also apply to inherited residential properties. Blake Morgan reviews the case study of Kirstie, who whilst buying her first home inherits a property, leaving her liable to the 3% surcharge. Don’t get caught out, read our tips on inheriting property and avoiding extra SDLT costs.
One year on from the hike in SDLT on additional properties: Common questions #2
1 April 2017 marked a year since the introduction of the extra 3% stamp duty land tax (SDLT) on additional properties and purchases by companies. It is therefore a year since we saw a rush in transactions completing to avoid the extra SDLT that would have been payable had completion been after 31 March 2016. One year on, are we any wiser on how the surcharge works and what exceptions are available?
To Airbnb or not to Airbnb? New case law
As a consequence of the recent change in the planning law within London, there has been a reported increase in property owners using Airbnb or similar sites to make income from their properties. Those who own leasehold properties, need to very carefully check the restrictions contained in their lease, before they enter the Airbnb world, as new case law explains.
Landlords' consent: when can landlords refuse for fear of enfranchisement?
A recent case has updated the law on refusing consent (to assign, sublet, change use etc) on the basis that the tenant might acquire the freehold: it will be harder to do so in some modern leases. And the judgment also shows surveyor witnesses how not to deal with a trial…
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