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15th April 2021

Stamp Duty - Property Wire

First time buyers will be able to purchase houses up to £300,000 free of Stamp Duty even after the current holiday has expired according to Ascend Properties. As the average spend for a first time buyer is just over £220K this indicates that most first time buyers will remain well within this threshold.


However, our friends down South (in that, there London) will probably not be able to reap the benefits of this reduction as their average first time buyer total is generally North of £430K. It's not all doom and gloom though as they will still benefit from some tax relief on purchases up to £500K.


Most affordable locations in the UK for first time buyers in the UK rank as follows:

- North East at circa £118K

- Yorkshire and The Humber at circa £152K

- North East at circa £155K


Burnley, Hartlepool and County Durham are some of the cheapest locations in the UK to consider if you are a first time buyer as you can expect to pay somewhere between £90 - 97K on average.


Renewing a Tenancy - NRLA News

NRLA have just launched a super useful 'where to start with' blog series which will come in very handy for people at all stages on their property journey! It will contain guidance on key topics and the problems landlords face so keep your eyes peeled for updates there...


The first thing you need to know when renewing a tenancy at the end of a fixed term period is whether the assured short-hold tenancy (AST) is a statutory periodic or contractual periodic tenancy. This can be found in the tenancy agreement.


Periodic tenancy = the tenant has the right to live in your property until you end or they end the agreement. Positive is this saves a tonne of paperwork. Negative is the tenant can move out at short notice.


Contractual tenancy = At the end of the fixed term the tenancy runs on a monthly or weekly basis as part of the original tenancy agreement.


If your AST doesn't mention either type of the above tenancy, the law states that a statutory periodic tenancy is created. Although this tenancy is created following the fixed term so extra paperwork will need to be created.


If you would like to avoid a month-by-month rolling tenancy following the fixed term you can always offer a new fixed term, although deposits may need to be re-protected. If your tenancy turns into a statutory periodic tenancy you may need to give your tenant a new copy of the 'How to rent' booklet created by the NRLA.


Tenants don't always leave in groups, if one tenant leaves the tenancy, you can either get all tenants to sign a new agreement or tenants can opt to sign a deed of assignment instead. If this method is chosen, you would need to contact the deposit company to renew your details.


Sources:

https://www.propertywire.com/finance/property-market-to-remain-largely-unshackled-by-stamp-duty/

https://www.nrla.org.uk/news/where-to-start-with-renewing-a-tenancy



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