CoronaVirus Covid-19 Update
We all continue our individual struggles to retain as much of a normal life as possible whilst abiding by the Government’s guidelines.
One of the many challenges is to retain discipline as complacency, boredom & frustration kicks in. Making contact with Friends and Family and chatting with them using video call technologies, helps.
We continue to operate all sectors of the business. With our existing rental and management side of the business running well, and our approved trades, responding to urgent requests in a timely and safe manner, adhering to government guidelines.
We are handling New Sales & Letting enquires, for the most part with live video tours with a member of our team walking through empty properties, with questions from prospective tenants and purchasers.
When the Government does release the industry from lock-down, we do anticipate a rush for new sales, and rentals.
Although we do not know when this will be, we are making provisions for a surge of interest and would suggest that if you are thinking of marketing your property for sale or rental, you contact us by phone of email to discuss how best to prepare the ground for the anticipated stampede of interest.
Above all look after yourself and loved ones – Phone a Friend -Keep Safe & abide by the Government Guidelines
We hope that you are managing to stay safe and sane and confirm that we are still operating our Sales and Rental business, albeit with reduced staffing, and social distancing, including video show-rounds and viewings.
If you are interested in one of our existing properties to rent or buy please contact our offices in the normal way. Or if you are considering bringing your property to the market for sale of rent, please talk to us, as we can get the ball rolling in order to ensure your property has maximum exposure to the new market in the next few months, again please contact us in the usual.
There is no doubt some landlords and tenants are suffering financially, along with the many other challenges that this GLOBAL situation brings. However there is help out there, with Government schemes, and with some tolerance by all parties. We can get through this and come out the other side.
Please Take Care- Stay Safe
Following confirmation by the Prime Minister this afternoon that new legislation will be brought forward to protect private renters from eviction, the government has announced that new evictions for those in social or rented accommodation will be suspended for the duration of the crisis.
The new laws state that landlords will not be able to start proceedings to evict tenants for at least three months.
The government has also announced that landlords whose tenants are experiencing financial difficulties due to the outbreak will be able to take advantage of the recently declared three-month ‘mortgage holiday’.
Landlords and tenants are expected to work together on affordable repayment plans which will have to take into consideration individual circumstances.
The Housing Secretary Robert Jenrick said: “The government is clear – no renter who has lost income due to coronavirus will be forced out of their home, nor will any landlord face unmanageable debts.
“These are extraordinary times and renters and landlords alike are of course worried about paying their rent and mortgage. Which is why we are urgently introducing emergency legislation to protect tenants in social and private accommodation from an eviction process being started.
“These changes will protect all renters and private landlords ensuring everyone gets the support they need at this very difficult time.”
Source : Property Reporter (relating to announcement on 18/3/20
We wish to re-assure our Clients, Tradespeople, Tenants & Suppliers that
No Staff or Directors at our Sunninghill Offices have any symptoms relating to Covid-19.
Our office remains open
We continue to take precautions in line with Government advice and are additionally, frequently sanitizing contact surfaces in our office.
We would however suggest that unless you physically need to attend our office during this time, all communication is via phone or email.
We are also reducing, where possible and practical hard copy (postal) communication in order to reduce possible transmission through this medium.
Should things escalate and it becomes necessary or compulsory to self-isolate, we can implement process’ we have in place to ensure it can be ‘business as near normal ‘as possible.
Most importantly, we hope you and your loved ones remain safe during these challenging times and that we can all overcome the impact of this Global Virus and remain/recover full health.
As a long established Sunninghill business, we are happy to help local residents.
If you are a Sunninghill Resident and are suffering from the Covid-19 Virus or are self-isolating and need shopping/items delivered etc.
Please call our office 01344 874300 and we will do what we can to help.
Good News – The Government has backtracked on the scheduled increase in Probate Fees., They were planning to replace the flat £215 fee, in favour of a sliding scale rising to a maximum of £6,000.
Information supplied with thanks to
Stewart & Co. Accountants-Camberley..
As we are almost halfway through this tax year, we believe now would be an ideal opportunity to provide an update on some crucial changes to tax reliefs that will apply from 6 April 2020 when you sell a residential property.
If you are, or have been, thinking about disposing of a property you may wish to read below some key points.
• If you have let a property which you have at any time, lived in as your main home, you would currently be eligible for lettings relief up to £40k on the disposal of that property (potentially £80k for a married couple). From 6 April 2020, the majority of our clients will no longer qualify for this generous relief as you now need to have lived in the property at the same time as your tenants to qualify. For a married couple paying tax at the higher rates, the loss of this relief could result in additional taxes of up to £22,400.
• Principle private residence relief can be claimed in respect of a property that was, at one time, your main home. The final 18 months of ownership currently qualifies for the relief whether you were living in the property at that time or not. This will be reduced to 9 months from 6 April 2020.
• From 6 April 2020, if you dispose of a residential property you will now need to pay any capital gains tax arising as a result of that sale within 30 days of the completion date. If the date is before 6 April 2020, you wouldn’t need to pay the taxes until 31 January 2021.
As you can see, acting now so that any chargeable event occurs before 6 April 2020, depending on your circumstances, could save you a considerable sum of capital gains tax and/or ensure you have longer to pay those taxes!
Provided courtesy of Stewart & Co. Camberley
3 months’ after the Tenant Fee Ban was introduced, there is evidence that many landlords are choosing to increase rents, to cover some of the additional costs they now incur, for the most part, due to the ban.
Indirectly the tenant is still therefore paying, although maybe not quite as much as before the ban.
It is also reported that there is a slight reluctance with some landlords to accept tenants with pets, as the Tenancy Deposit held against dilapidations’ has for the majority of tenants reduced from the equivalent of 6 weeks rent to a maximum of 5.
A Big Thank you the Parish Council for bringing colour to the High Street with their initiative of providing magnificent hanging baskets to the Village Shops. This is much appreciated by all who visit the Village.
With a new prime minister at the helm and a new housing minister and it seems will may actually be leaving the EU on October 31st.
So what can we expect over the next few months?
Our primary patch has always been somewhat resilient, when it comes to property pricing on both the sales and rental front
On the Sales Front
As we are now into the traditional holiday season, the market historically quietens down, However we are still receiving a good volume of enquiries for properties in the area both through our own website the many portals we are associated with including Rightmove, Zoopla, On The Market etc. Whilst these traditional sites are performing well, the resistance to the likes of Purple Bricks, who are unable to take a active role between vendors and purchasers is strong.
The local High Street Agent is still, it appears the best means to sell and/or buy a home.
The market as a whole is suffering from a shortage of properties, as owners I invariably are being over ambitious in the price they wish to achieve, despite guidance from the professionals. If properties are realistically priced in this current market, sales are being achieved and we have over the last few months been fortunate to see a number of sales complete.
Our philosophy is to be able to offer a personal and confidential service, which is not based, as some agents are inclined to persuade parties to buy additional services such as mortgages, insurance etc. through theft associated organisations , to boost their bottom line
We are entirely independent and between the dedicated team in the office, have in excess of 130 years experience of being involved with properties in Ascot, Sunningdale and the surrounding areas.
Interest rates are still very attractive with many lending sources offering extended fixed term mortgages and we have seen of late a significant rise in long term mortgages of up to 40 years from the traditional 25. this allows more people to get on the property ladder as it often reduces monthly repayments, however this still may rely to some extent on the ‘Bank of Mum & Dad for deposits etc.
There has been a spate of specific online scams where fraudsters are cloning and establishing property and letting sites, offering prime property to tenants, then stealing deposits. They are exploiting vulnerable tenants by persuading them to pay their deposits online to secure properties.