Landlords: There's never been a better time to invest
Buy-to-let landlords and people buying second homes will soon have to pay more in stamp duty, the Chancellor, George Osborne, has announced.
From April 2016, those purchasing an additional residential property in England and Wales will have to pay a 3% surcharge on each stamp duty band.
The government is currently consulting on whether commercial property investors, with more than 15 properties, should be exempt from the new charges.
“We have already noticed an increase in the number of enquiries from investors and landlords looking to make the most of the Chancellor’s reform and extend their portfolio before the higher fees kick in” says Andrew Barry, Peter Alan Managing Director. “There has never been a better time to invest, so we would advise any customers who are considering investing in a buy-to-let or second home to get the ball rolling now so that everything is in place before the increase in charges in April. Those who take advantage of the lower stamp duty while it lasts will reap the rewards of rising rents which we predict will continue.
“We are here to help and want to assist landlords in making the most out of their investments,” Andrew continues. “So if you buy an investment property using Peter Alan between 1st Dec 2015 and 31st March 2016 we will find you a tenant for no charge when you use our managed lettings service.”*
“We can offer comprehensive advice on all aspects of the buy-to-let market, including finding suitable properties and advising on legislation and requirements to be a landlord, such Rent Smart Wales the new compulsory landlord registration system in Wales.”
If you are unsure of what this means for you or need some advice on the next steps to take to secure a Buy-to-let property before the 3% surcharge on stamp duty takes effect in April 2016, please contact your local branch to get plans for your investments underway.
*Usual management fees apply as per terms and conditions, setup fees will be charged on further tenancies secured on the property