Month: January 2015

Tax Changes For Landlords To Be Aware Of

This measure came into effect in April 2013 and will therefore affect rental accounts and tax returns for the 2013-14 tax year onwards. Unfortunately another rule prevents residential letting agents from claiming capital allowances. That is why the Wear and Tear allowance for residential landlords exists.

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Help With Winter Maintenance of Your Home

Most think it’s better to wait to do these jobs when ‘the sun is shining’ but sometimes it’s only when the weather turns wet or windy that you notice your roof has sprung a leak, the wind has lifted some tiles off, or worse, your chimney is about to fall over! Whatever the problem, you’ll want to get it fixed quickly. The roof, after all, is one of the things that makes your property wind and water tight. Fixing roofs and especially chimney problems isn’t a job for your handyman or ‘mate’.

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Monthly Property Market Update

AVERAGE HOUSE PRICES

Office for National Statistics – October 2014
UK Average = £271k, up 10.4% over the year, a 0.1% increase over the month
Excluding London and the South East: Average = £206k, up 6.7% over the year.

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10 FAQ’s Radon Gas

1. What is Radon ?

Radon is an odourless and colourless naturally occurring gas.

2 Should I worry about Radon ?

A property is recommended not to have an excess of Radon gas within the environment as it can lead to long term illness and even cancers and other fatal diseases.

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Landlords Watch Legal Loopholes When Serving Notice!

Ref. Charalambous v Ng [16 December 2014] In this case, the Court of Appeal has found in favour of a tenant whose deposit was not adequately protected under the statutory requirements of the Housing Act 2004, rendering the landlord’s section 21 notice void. When the tenant first took residence of the property in 2002 and paid a deposit of £1,560, the statutory requirements of the Housing Act 2004 with regards to deposits had not been conceived.

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Interest Rate Fears Lessen As Inflation Falls

Last month’s drop in inflation to 0.5% has coincided with a steep drop in the number of consumers viewing an interest rate rise as a barrier to buying property in 2015.

Halifax’s Housing Market Confidence Tracker found that the proportion of consumers citing concern about rises in interest rates as a property buying barrier increased steadily from 14% in Q4 2013 to 19% in Q3 2014. This figure, however, fell to 13% in Q4 2014 – around the same time inflation began to dip.

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Average house purchase deposits reached a 14 month high in December, according to Mortgage Advice Bureau (MAB)’s National Mortgage Index. The firm says that the higher deposits can partly be put down to George Osborne’s stamp duty reform as buyers have been able to use funds previously put aside for stamp duty to take on a greater share of the cost of buying a home.

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The waiting aspect is the most stressful part of a property transaction, with a faster and quicker service the thing most home movers would like to see, according to a national poll undertaken by Morar Consulting. The principal cause of stress through waiting was caused by the conveyancing process – the legal process required to sell or purchase a property – which the survey reports to take an average of 11.3 weeks.

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Rugby and Bulkington MP Mark Pawsey spoke in the Chamber of the House of Commons last week to highlight the difficulties being faced by homeowners looking to extend their properties when their planned improvements are within 3 metres of a formerly private sewer.

In 2011, after a long campaign by local residents including Rugby’s Pam Brockway and Roy Barnes of the Woodlands Residents Association, the law was changed regarding the ownership of private sewers. Prior to 2011 private sewers were the responsibility of homeowners and many were faced with large, and unexpected, bills if problems arose with the sewers. Thanks to the changes in the law private sewers were adopted by the ten statutory water companies meaning more protection for homeowners.

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