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34 Golders Green Road
London
NW11 8LL

HAPPY NEW EAR

 
 
WE WOULD LIKE TO WISH ALL OUR CLIENTS AS HAPPY NEW YEAR !
 
THANK YOU FOR ALL YOUR SUPPORT IN 2014 AND WE LOOK FORWARD TO ASSISTING YOU AND ALL NEW CLIENTS IN 2015

CHRISTMAS OPENING HOURS

DREAMVIEW ESTATES

WILL BE CLOSED

FROM 2.30PM

WENESDAY 24TH DECEMBER

WE WILL RE-OPEN 11AM – 3PM

SUNDAY 28TH DECEMBER

 MONDAY 29TH DECEMBER

TUESDAY 30TH DECEMBER

WENESDAY 31ST  DECEMBER

 IN AN EMERGENCY ONLY

OUTSIDE OFFICE HOURS

 

PLEASE CONTACT :-

 

 VICTOR ON 07890 264142

MURRAY ON 07778 799333


WISH WOULD LIKE TO THANK ALL OUR CLIENTS FOR THEIR SUPPORT IN 2014

MAY WISH YOU ALL THE COMPLIMENTS OF THE SEASON

A MERRY XMAS AND A HAPPY AND HEALTHY NEW YEAR IN 2015

 

IS THIS A FIRST? ESTATE AGENT GETS PRAISE FROM A SOLICITOR!!!

Sorry if we are "blowing our own trumpet" but when an Estate Agent gets such high praise from a solcitor we feel we have the right to publish it!

 

The question is.....is this a 1st ??

 

STAMP DUTY CHANGES-WHATS THE EFFECT

George Osborne’s autumn statement changed the way stamp duty works. Here’s what you need to know

The chancellor’s autumn statement included a surprise reform of the stamp duty system. From midnight anyone buying a property in the UK will face a new set of rules.

What is stamp duty?

Stamp duty land tax, to give it its full name, is a tax you pay when you buy a home. It doesn’t matter if it is somewhere you hope to live or a buy-to-let property. All that matters is how much the property costs. The tax is applied according to what you are paying.

What happened before today

Until now no one paid stamp duty if they were buying a property for less than £125,000.

After that there were five bands:

Between £125,001 and £250,000 – a 1% charge;

Between £250,001 and £500,000 – 3%;

Between £500,001 and £1m – 4%;

Between £1m and £2m – 5%;

Above £2m – 7%.

Homes that are registered to companies rather than individuals and cost more than £500,000 have a rate of 15%

What was wrong with that?

It’s not so much the rates that people were unhappy with but the way the tax was applied. HM Revenue & Customs used a “slab structure”. This meant that if a home falls into a particular band the entire cost of it is taxed at the related rate. So, for example, a house costing £180,000 attracted stamp duty of £1,800 – unlike income tax, the rate is not just applied to the bit above the £125,000 nil rate band.

This meant that there was a big jump in the tax bill when you crossed a threshold. For instance, a home costing £249,000 attracted a bill of £2,490, while one costing £250,001 attracted a bill of just over £7,500. Mortgage lenders and estate agents have long argued that this does strange things to the market, with house prices bunched just below thresholds.

What has changed?

The slab structure has been scrapped and from midnight the tax will be applied like income tax.

There will still be no tax on purchases up to £125,000.

Above that there will be several bands:

Between £125,001 and £250,000 the rate will be 2%

Between £250,001 and £925,000 the rate will be 5%

Between £925,001 and £1.5m the rate will be 10%

Above £1.5m the rate will be 12%.

On a £180,000 house purchase there will be no tax to pay on the first £125,000, then 2% on the remaining £55,000, which is a total bill of £1,100, versus £1,800 before the changes.

On a £300,000 house purchase there would be no tax to pay on the first £125,000, then 2% on the next £125,000 (£2,500) and 5% on the last £50,000 (£2,500). That’s a total £5,000 compared with £9,000 under the previous system.

Is this good news for everyone?

Everyone buying a house costing less than £937,000, says the Treasury, or about 98% of households. Anyone spending more will face a higher bill. If you are spending £2.1m on a home you will pay £165,750 under the new regime versus £147,000 previously.

How much will this cost?

The chancellor said it represented a tax cut of £800m a year. In 2013-14 the Treasury took £6.45bn from the tax, an increase of 74% on the 2003-04 figure, despite there being fewer transactions. Sales in London accounted for £2.7bn of tax revenue, and since 2008-09 tax take from the capital grew by more than 200%

In our view:-

there will be some benefit for those buying at the lower end of the market and for the vendors too.

However as a large percentage of the stock in the London area is now in the £1m plus bracket this could be a real factor in the possible slow down of the market.

Sadly the government obvioulsy beleives that its fair to charge those betetr off a even larger slice of what is, in our opinion, a very unfair tax !

Does the name "Robin Hood" come to mind?

 

NEW ON LINE CHAT GOES LIVE

We are pleased to announce that our new on line chat facility goes live today.

 

If you want to chat with our represenative rather than calling or emailing they will help you and take your details of your search and requirements.

 

Its so simple...and just to help making your search easier.

 

Why not try it now?