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Gordon & Rumsby: 2012 Budget Changes To Stamp Duty

April 6, 2012

Gordon & Rumsby Estate Agents: Wishing You Happy Easter 2012.

2012 Changes To Stamp Duty.

If you buy property in the UK over a certain value you have to pay Stamp Duty Land Tax (SDLT). This is charged on all purchases of houses, flats and other land and buildings.

Stamp Duty Land Tax thresholds changed in March 2012 for homes over £2 million, and the first time buyer’s relief has ended. The following is the new amount of SDLT that buyers of residential property in the UK will now pay:

Purchase price:

  • £125,000 and under: no stamp duty.
  • £125,001 – £250,000: 1% stamp duty.
  • £250,001 -£500,000: 3% stamp duty.
  • £500,001 -£1,000,000:  4% stamp duty.
  • £1,000,001 – £2,000,000: 5% stamp duty.
  • £2,000,000 plus: 7% stamp duty.

And residential homes over £2m bought ‘into a corporate envelope’ will have to pay 15% Stamp Duty.

A buyer will have 30 days from completion to pay the tax.

Contact Gordon & Rumsby on 01297 553768 or 01460 30888 or through our Contact Us Page.

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Gordon & Rumsby: Joint Tenants Or Tenants In Common?

March 30, 2012

Gordon & Rumsby – Estate Agents in Dorset and Devon.

Information About Different Ways To Take Ownership Of Your Home.

We had a first time buyer walk in to Gordon & Rumsby this week asking about Joint Tenancy versus Tenants in Common, and if you are in the process of looking for your very first home, you may not know it yet, but there are different ways in which you can own a property. The way in which you take ownership to a property can have significant legal and tax implications, and therefore, you should seek legal advice to choose the most appropriate option for you. A conveyancing solicitor can advise you as to the best option for your situation.

Here is a brief summary of the three main ways to take ownership of property in England:

  1. Sole Tenant: One person owns 100% of the property.
  2. Joint Tenants: Two or more people own the property in equal shares, and have equal right to any income. If one person dies, their interest in the property automatically passes to the other joint tenants, irrespective of any will that person may have made.
  3. Tenants in Common: Two or more people own the property with unequal shares to the rights and income. If one person dies, their interest in the property passes according to the terms of their will. If there is no will, the ‘laws of intestacy’ will determine who gets it and sometimes the decision can be devastating to family members as well as to the other tenants in common. So make sure you have a will.

Many married couples opt for joint tenancy, if they are content to own equal shares in the property, and that the survivor will own 100% of the property upon the death of one spouse.

Business partners, unmarried couples, couples who may have children from a different marriage, friends or family members are more inclined to take ownership of a property as tenants in common.  They may be putting unequal deposit amounts towards the purchase of the property, or it may be that they do not wish their share of the property to pass to the other tenants in common in the event of their death.

You can find a conveyancing solicitor by going to the Gordon & Rumsby Useful Links Page.

Gordon & Rumsby: Update On The Property Market

March 24, 2012

Gordon & Rumsby Estate Agents in Devon & Dorset: Market Update

Spring has Sprung, the clocks are changing and Gordon & Rumsby are looking forward to a bright summer…..Literally! The sun is streaming through the windows and it’s only March.

We’ve been welcomed to our new office by the residents of the market town of Colyton, here in Devon, as they continually drop in to say hello and wish us every success. It is pleasing to see that community spirit is still alive and well.

Not only that, RICS UK Housing Market Survey is looking more positive too. The number of sales transactions has edged up since February, which is partly due to first time buyers rushing to beat the stamp duty holiday deadline, which coincidentally is today as I write this.

Once the deadline has passed it will be interesting to revisit the statistics to compare the number of transactions.  Nevertheless, Gordon & Rumsby have definitely seen an increase in viewings and transactions since January, and most of our customers are not first time buyers.

On a less positive note there was yet another price dip last month, but according to RICS there is a hint of a suggestion that prices may start to turn around in the months to come. London is already seeing price increases and has done so for some time now. Reportedly, surveyors are more optimistic about agreed upon sales prices, and it is the first time for nearly two years that they are not predicting further declines.

Are you thinking about moving this year? Spring is traditionally a great time to get your house on the market. Contact Us through the Gordon & Rumsby website or give us a call on 01297 553768 or 01460 30888 to arrange a free valuation, or have a chat about the market. We look forward to speaking with you.

Gordon & Rumsby: New Rules For The Holiday Let Business

March 16, 2012

Gordon & Rumsby Estate Agents: New Rules For The Holiday Let Business.

Devon & Dorset: The Place To Buy A Holiday Let.

Statistics reveal that more and more people are choosing to holiday in Britain. There has been an increase in both British and overseas travellers. Evidently their top choices of accommodation are luxury city apartments and traditional cottages in the country. Until recently the owners of holiday lets have enjoyed advantageous tax benefits, but, unsurprisingly, the government is tightening up the rules.

So if you are down our area of Dorset & Devon looking for a quaint cottage to let out through the year, hopefully this information will be of some use to you. Nevertheless, Gordon & Rumsby advise you to discuss the tax implications fully with a financial/tax expert prior to entering into negotiations on a property.

Since April 6 2011 you cannot set furnished holiday let losses against other income to reduce the overall tax bill.

From April 6 2012:

  • Long-term lets: Are defined as more than 31 days but must not exceed 155 days during the relevant tax period. Letting to the same person for more than 31 days is not regarded as a holiday let.
  • A  furnished holiday let will be viewed as, and must be run as a commercial business with a view to profit.
  • The property must be available for holiday accommodation for the public for at least 210 days during the relevant tax period.
  • Occupancy: The property must be let commercially as holiday accommodation to the public for at least 105 days during the relevant tax period.
  • Capital gains: A holiday let business can take advantage of Asset Rollover Relief . This means when you transfer the property (for a gain) and purchase a replacement asset, the tax is deferred until the replacement property is sold. The new asset does not have to be another holiday let. It can be a completely different business.
  • The business can make use off Capital allowances for depreciation for such things as a washing machines for the property
  • Landlord’s energy-saving allowance is available.
  • A holiday let may also qualify for Entrepreneur’s Relief which can significantly reduce the tax bill.
  • Income from a holiday letting business counts as earnings for the purpose Income Tax Relief on pension contributions.
  • Losses incurred by a UK holiday let business can still be set against future year’s profits, but only if the losses and profits are generated from UK property.

Gordon & Rumsby’s new office telephone number in Market Place, Colyton is 01297 553768, and you can still contact us on 01460 30888 or

Gordon & Rumsby: New Office In Market Place, Colyton

March 9, 2012

Gordon & Rumsby: Coming Home To Colyton!

Gordon& Rumsby Estate Agents Open New Office In Market Place, Colyton.

We are tremendously excited to announce the opening of our new office in Market Place, Colyton, East Devon. We have been trading as Gordon and Rumsby for over three years now as an internet based company and we are ready to expand. We have chosen the bustling market town of Colyton as we have a great deal of local knowledge, and it is in this area that I first started my career in Estate Agency.

It feels a bit like coming home!

We are being joined in the Market Place premises by Rob Holman (Surveyor and Designer) and Linda Cleaves (Mortgage Advisor). Together we can offer a more rounded service to the customer – a sort of “One Stop Property Shop”.

Linda Cleaves is an Independent Mortgage and Life Insurance broker. Being independent ensures that she can act in the client’s best interest, as she is not tied to a particular bank or building society. She says the best parts of her role are that:

No two days are the same, you meet great people and help them fulfill their plans and dreams.

Rob Holman of RH Survey and Design will be offering his vast experience in all things building related. He is an RICS surveyor but will also be offering a design service and examples of his work will be available to view at the office.

Pop in and have a chat with him.

The Gordon & Rumsby ethos is based on excellent customer service delivered at a reasonable price. Much of our business is based on recommendation. The opening of this office will allow us a good base to offer more to our existing customers and we look forward to welcoming many new ones in the surrounding area. We hope to be in Colyton for many years to come.

Gordon & Rumsby currently have property as far west as Branscombe and as far east as Bridport.

The new office telephone number will be 01297 553768 or you can still contact Gordon and Rumsby on 01460 30888 or visit our website: http://www.gordonandrumsby.co.uk/index.php

Gordon & Rumsby Estate Agents: Energy Efficiency Certificate Update

March 2, 2012

Gordon & Rumsby Estate Agents: Energy Efficiency Certificate Update

EPC rules are changing on April 6th 2012.

If you are just about to sell or rent your house, then you may wish to know that the rules for the Energy Performance Certificate (EPC) are changing from April 6th 2012. Gordon & Rumsby see the main changes will be the time frame in which to obtain the certificate, and the fact that the rules now apply to residential and commercial property.

An EPC provides information about the energy efficiency of a property, with recommendations on how to improve its efficiency, and how to reduce CO2 emissions.

The new rules will cover residential and non-residential properties for sale or rent:

  • The EPC must be applied for prior to putting the property on the market.
  • You will be required to receive it with in 7 days of marketing the property. Currently it is 28 days.
  • Proof that has been applied for must be available for inspection by a Trading Standards Officer if asked for.
  • If after 7 days the EPC has not been received, the Vendor/Landlord will be given an additional 21 days to produce the certificate.
  • After that a fine may be imposed.
  • The onus is on the Vendor or Landlord to obtain the certificate. However, the responsibility is also extended to those who are acting on their behalf such as estate agents and solicitors.
  • EPC’s will have to be attached to all particulars of property for sale or rent, not just residential but non-residential property too.
  • Air conditioning inspection reports that were previously not obligatory, will now be mandatory where applicable.

Don’t forget it is not to late to take advantage of some grants that are available to insulate your property, thus enhancing your EPC when you sell or rent. This in turn can add value to your home.

Check out some of the schemes available with Martin Lewis, the money-saving expert.

Thinking of selling your home this year? Contact Gordon & Rumsby via the website, or call us for a chat on 01460 30888. We will be happy to visit your property and give you a FREE market appraisal and our honest advice.

Gordon & Rumsby: Activity Up, But Act Fast For Great Mortgage Deals

February 24, 2012

Gordon & Rumsby: Estate Agents In Dorset, Devon & Somerset

Activity Up, But Act Fast For Great Mortgage Deals

At Gordon & Rumsby, we have seen an increase in activity over the last month, with many more new applicants looking for property and an increase in viewings too. In fact our diary has been very busy.

We are still finding that would-be buyers are experiencing difficulties in securing a mortgage, and banks are still being cautious about lending while they try to put their businesses back on track. At the height of the property boom there were 12,000 mortgage deals on offer to the public compared to 3,000 today.

The good news, however, is that those 3,000 represent double what was on offer in 2009.

The not so good news is that new mortgage deals only stay on offer for an average of 27 days, which means the really good deals go much faster.

If you are looking for a mortgage at the present time, you have to operate fast to secure a mortgage-in-principle.

One thing that you can do to help yourself, is to apply through a mortgage broker. Brokers are usually in personal contact with the lender’s decision makers, so can iron out any wrinkles in your application in a timely manner and secure a deal quite quickly.

If you are a first-time Buyer, you can get a free Mortgage Guide from Martin Lewis’ Money Saving Expert Website. In fact it’s not just for first-time buyers, it is chock full of information for anyone about to apply for a mortgage, including buy-to-let buyers and self-employed buyers.

If you are looking to buy in West Dorset, East Devon & South Somerset give us a call at Gordon & Rumsby on 01460 30888. We might have a property waiting to come to the market that’s not on the website yet, and we can put you in touch with some mortgage brokers too.