Residential property developer tax legislation
A new tax may be payable to HM Treasury from 1 April 2022 by property developers on their residential property development profits. The final announcement is due at the Autumn 2021 Budget.
High-rise residential building safety requirements
High-rise residential building managers will be responsible for safety case requirements for residential buildings under the Building Safety Bill.
Housing Growth Partnership funding for developers
Housing Growth Partnership funding has been granted £300m by the Government to build 10,000 new homes by 2025!
SDLT holiday ends soon!
SDLT holiday ends soon and returns to previous thresholds of £125K for residential properties, £150K for non-residential land and properties.
To rent or buy a commercial property – which is the best option?
Deciding to rent or buy premises if you are considering an office move or expansion can be difficult. There are several factors you should consider and making the right decision can be challenging. In this article, we look at the pros and cons of each to give you an idea of what you may wish to think about or discuss with your adviser. Potential investment opportunity Firstly, like with any property purchase, buying a commercial property could be seen as an investment. The property may increase in value, and when…
Property evictions to resume
Property evictions are to resume but residential tenants will continue to be assisted during the Covid-19 restrictions with longer notice periods remaining in place until at least October 2021. This was announced by The Housing Minister, Christopher Pincher, on the 12th of May. During the initial lockdown in 2020, the Government reformatted the notice periods for residential tenancies, affording tenants extra protection during the pandemic. As part of these temporary changes, a Section 21 Notice (which normally provides a tenant a 2-month notice to vacate a property) was extended to…
Future-proofing rent suspension clauses
The fallout of the Covid-19 pandemic has meant that landlords and tenants must consider future-proofing rent suspension clauses. Following the initial lockdown in March 2020 and subsequent disruption for many businesses, commercial landlords and tenants now must face a reality that a balance has to be struck when negotiating new leases to allow future-proofing to account for events like those imposed by the pandemic. Ideally, each side would want to achieve maximum protection for themselves, but a balance probably lies somewhere in the middle. A recent case involved a commercial…
News: Stamp duty holiday extended until the end of June
What does it mean for you? In the Budget, today, the Chancellor has confirmed that the stamp duty holiday on properties priced up to £500,000 has been extended by three months until the end of June. In addition, the holiday will also apply to properties priced up to £250,000 until the end of September 2021! The extension provides relief for buyers who were unlikely to complete their transactions before the original March 31 deadline. With a tax cut now available for buyers until September, this should also help to ensure…
The beginning of the end of leasehold
Leasehold property owners are set for important changes in the coming months. The Government is planning to grant new rights on lease extensions and ending ground rent, which signals the beginning of the end of leasehold and this form of ownership. The government has indicated there will be a shift to ‘commonhold’ on the horizon, but the benefits to householders are likely to take time to filter through. Nearly all flats and some houses in England and Wales are owned on a leasehold basis, giving the owner the right to…
Long leases for London’s tenants
Sadiq Khan leads the way with long leases for London's tenants looking to get on the shared ownership property ladder. Affordable Housing Programme The Mayor of London, Sadiq Khan, has outlined plans to sell shared ownership homes delivered as part of his new Affordable Housing Programme with long leases for London's tenants on a standard 999-year lease term. Sadiq is determined that London leads by example and sets the benchmark for higher standards for leaseholders across the UK. The new expectation, which was set out in a letter written by…