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Buying a house in Cheadle: What you need to know

buying a house bolton

The Manchester property market is commonly regarded as one of the most competitive in the UK.

A thriving economy and abundant job opportunities keep properties in high demand, which naturally spreads to the surrounding areas in Greater Manchester.

Cheadle is one such location that gains a lot of attention from buyers hoping to buy in and around Manchester, but what should the uninitiated know about this location in their search?

Whether you’re a first-time buyer or simply a first-time mover, here’s a short guide to buying a house in Cheadle.

Why Cheadle?

Cheadle is a village in the Metropolitan Borough of Stockport, placing it among the southernmost settlements in Greater Manchester.

Cheadle itself shouldn’t be confused with either Cheadle Hulme or Cheadle Heath, which are their own suburbs bordering Cheadle. Knowing the distinction between them can a small but helpful advantage in your house hunt.

Cheadle enjoys good public transport links between neighbouring areas as well as Manchester itself, and is a mere four miles from Manchester airport.

The village holds a long history as a settlement in Britain. Those looking to live in South Manchester but still enjoy the peace and greenery of a village that has its own thriving high street will find Cheadle an attractive prospect for a house purchase.

What are house prices in Cheadle like?

Property prices in Cheadle are on the high side when compared to the region of £232,000 wherein average first-time buyers in the UK fall.

According to Zoopla’s property price index, the average sale price of properties in Cheadle over the past 12 months is £353,563.

Terraced houses, which are commonly cheaper than detached or semi-detached properties, still sit above first-time buyer averages at £266,391.

These numbers are collected from 673 property sales over the previous year. Considering Stockport itself saw 2,814 property sales over the same time period, Cheadle alone makes up an impressive 23.9 per cent of Stockport’s property sales for this time period.

This goes some way to showing the level of activity in Cheadle and the competition it is generating. Understanding this level of competition and being prepared for it will help a lot when trying to secure a home in Cheadle.

What do Cheadle house buyers need to know?

Using Zoopla’s 12-month averages for Cheadle house prices – excluding the sale prices of flats – gives an average price of £364,762 for houses regardless of detachment from neighbouring properties.

For first-time buyers looking for a mortgage, this means that a 10 per cent deposit alone will cost an average of £36,476.

Factoring in the other costs of buying a house such as Stamp Duty Land Tax, conveyancing, and surveys, it would be wise to assume at least an upfront saving approaching £50,000 on average for a house purchase in Cheadle.

This will of course vary depending on whether certain services are left out, such as a survey, and the amount of deposit a lender would ideally accept.

Being such a close and significant city, Manchester will influence the housing market in Cheadle in its own ways. Lying within easily commutable distance to each other, many people who work in Manchester will find a home in Cheadle a reasonable distance from their job and so the demand for housing in Manchester spills over into Cheadle and surrounding areas.

The large neighbouring town of Stockport presents another reason for people to search for properties in Cheadle, being within cycling distance of one another.

Investors looking to buy property in Greater Manchester will want to consider Cheadle thanks to the general demand of property in the area coupled with the handsome sale prices of property in the borough itself. 2021 saw the property market in Greater Manchester reach its ‘craziest’ point in two decades.

The North West market reached an incredible high with some homes selling the same day they were put up for sale and others reportedly selling for more than £50,000 their asking price.

In such a hectic market and a focal point for buyer demand, it’s no surprise that people wanting property in Greater Manchester would widen their scope and look to the surrounding areas such as Cheadle.

Can I purchase a home in Cheadle?

Seeing the competition can easily make a homebuyer despair, but the property market often requires a tough mind and a lot of patience.

Those with their heart set on Cheadle may need to be prepared to view homes quickly and offer above their asking prices, but each seller is different and some may consider an offer from one buyer over another for any number of reasons.

In any case, to get the best help and advice when looking to purchase a home in Cheadle, you’ll want to take on the services of an experienced estate agent.

Buying property in Cheadle with Mistoria Estate Agents

Our Mistoria Estate Agents Cheadle office is your solution to the puzzle of buying a house in Cheadle. Our team draws on extensive knowledge of the Manchester property market, giving you the most accurate and honest advice that allows you to make wise decisions and smart moves.

To find out more about buying or selling property in Cheadle, Stockport, Greater Manchester to learn more about our estate agency services, contact us today or speak to a member of our team on 0161 519 9554.

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Managing HMOs for landlords

Managing HMOs for landlords

HMOs – or houses in multiple occupation – can be fantastic investments when managed wisely.

They can demand many times the attention of a typical rented property, and for that reason it’s not uncommon for landlords to seek help managing them.

But what actually goes into the management of an HMO, and why might a landlord want to seek this help rather than simply doing it themselves?

What is HMO management?

HMO management is, quite simply, the management of an HMO property. In the context of HMO management as a service, this is done on behalf of a landlord to save the time and attention they would otherwise need to dedicate to the HMO and its tenants.

This can sound like an impersonal or dismissive stance on the surface, but HMO management is often a wise and well-placed decision for a landlord to take. Landlords who have many other properties to manage, or other demands such as a full-time job, often cannot dedicate the appropriate time to an HMO.

Since an HMO is partly defined by the presence of at least three occupants who aren’t from the same household, any HMO property is going to involve a minimum of three separate tenancy agreements. That is in addition to managing the tenants themselves – for example, their needs as residents and the necessary admin – and the all the usual business of letting a property responsibly such as organising gas safety checks and ensuring good maintenance.

HMOs can be seen as a greater fire risk than standard residential properties, meaning there will be more cost to sink into safety measures like smoke alarms, fire safety doors (for the increased number of rooms), and other equipment like fire extinguishers.

HMO management can also involve needing to manage disputes within the HMO itself if problems arise between tenants. This can be common for any group of people sharing a living space, so landlords may find their skills in diplomacy and mediation being tested in situations that don’t have clear answers or resolutions.

More tenants mean greater use of facilities, which can lead to more frequent and costly maintenance of appliances, communal areas, and gardens. While there is some responsibility on tenants to keep the property clean and in good condition, that ultimately extends only as far as their agreement states, and in situations where every tenant leaves at once – such as may be the case in student HMOs – this leaves you, the landlord, with the task of tidying up in their wake.

HMO management is undoubtedly much more complex than standard property management due to the number of involved parties. Dealing with multiple tenants within a single property means many more opportunities for challenges and complications to arise, which can quickly tax a landlord’s energy when they compete with other demands for time and attention.

Do estate agents manage HMOs?

Yes. Estate agents are a great option for landlords who need help managing their HMO properties. In fact, estate agents can lend their services from the very first day, sourcing tenants and dealing with the necessary referencing to get an HMO filled as smoothly as possible.

Once tenanted, estate agents can provide ongoing HMO management to ensure that resident queries are answered and dealt with promptly. This can be vital in the case of emergency situations like boiler failure or serious property damage that needs fast repair. In such cases, a quick conversation between landlord and agent can set up the resolution and lead to fast action.

Left solely in a landlord’s hands, this would leave one person to ascertain the issue, seek out tradesperson quotes, and book the work for as fast as possible. Estate agents have the advantage of working closely with local traders like plumbers and builders, forming strong and reliable working relationships that mean situations are resolved quickly.

Estate agents can also provide landlords with advice to build their experience and fill in knowledge gaps. This means that while property investors have their burdens lightened with active help in the management, they are also building a strong base of knowledge and experience to help them make future investments wisely.

For those unsure if property management for an HMO would be a good choice, it’s always best to open a dialogue with a local estate agent and talk to them about their services. Find out what they already manage and what their chosen approach to property management entails.

HMO Property Management in Cheadle

The Cheadle property market is a competitive area of an already vibrant property scene in Greater Manchester. With close proximity to the city itself and a bustling high street of its own, yet a desirable level of village privacy, Cheadle is a much-sought-after location for both property investment and residential lettings.

Our knowledgeable team in the Cheadle office can be on hand for any of your professional HMO property management queries and give your tenants the best level of care. Our collective experience covers all aspects of property management, ensuring you get the best return on your investment. This is backed by our membership in the National Landlords Association (NLA) and regulation by the Association of Residential Letting Agents (ARLA).

Mistoria Estate Agents are one of the leading estate agencies in the North West. Our customers rely on us for extensive experience in the property market that proves itself in our profitability for landlords.

To find out more about HMO management with Mistoria Estate Agents Cheadle, contact us today or talk to a member of our team on 0161 519 9554.

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What Tax Do You Pay When Buying a House?

What Tax Do You Pay When Buying a House

Many aspects of owning property comes with charges and taxes that need to be paid. Whether you’re buying a home for yourself or a property to be let out to tenants, you’ll need to know the applicable tax when buying a house.

How does tax differ from one situation to another? How does the tax on buying a house in the UK contrast to the tax on selling a house? Let’s take a closer look.

What taxes do you pay when you buy a house in the UK?

Stamp Duty Land Tax

When property (or land) valued over a certain threshold is purchased in England or Northern Ireland, you must pay Stamp Duty Land Tax (SDLT), commonly referred to as just stamp duty. Scotland has its own version of this called Land and Buildings Transaction Tax.

Stamp duty is charged by the Treasury, and its name derives from the historical practice of physically stamping documents that proved the payment of the duty.

Stamp Duty Thresholds

SDLT has differing thresholds at which it applies depending on the nature of the property in question. For residential properties, the threshold in 2022 is £125,000. For non-residential properties and land, the threshold is £150,000.

Beyond this, the rate of applicable tax for residential properties is divided into bands:

  • Values from £0 to £125,000 pay no stamp duty.
  • Values from £125,001 to £250,000 pay a rate of 2% of the purchase price.
  • Values from £250,001 to £925,000 pay a 5% rate.
  • Values from £925,001 to £1,500,000 pay a 10% rate.
  • Values over £1,500,000 pay a 12% rate.

If the property you are purchasing is in addition to property you already own, then an extra 3% is added to your rate. This applies for property owned anywhere in the world, not just property in the UK. Non-UK residents also face a further 2% added onto the rates, making the tax for a foreign investor with an existing portfolio overall 5% more expensive on the purchase price.

Note that these rates don’t apply in the same way for first-time buyers as of July 2021. If all buyers involved are first-time buyers on a property valued at £500,000 or below, stamp duty doesn’t apply.

Additionally, you are still eligible for stamp duty even if you are acquiring a property (not for the first time) through means other than money, such as through shares or swapping another property.

If you have paid the additional 3% rate for an additional property purchase, it may be possible to claim that portion back if your original home is sold or passed on (e.g. to your children) within three years of the purchase. For properties sold on or after 29th October 2018, it must be claimed within twelve months of either the transfer of the previous main residence, or the date that the stamp duty return was filed for the new property – whichever date comes later.

For residential properties, once the purchase has been completed, the only tax that remains to be paid is council tax. Council tax is calculated differently in each territory of the UK, and in England is derived from what the value of your property would have been on 1st April 1991.

Paying Stamp Duty

Stamp duty cannot be paid in instalments, and in most cases must be paid as an upfront lump sum within 14 days of the date of completed purchase. It can be paid through online banking, by debit card, or via cheque, but HMRC banned the use of credit cards to pay stamp duty as of 2018.

Some people opt to pay their stamp duty off through their mortgage, for instance if they don’t have the necessary savings to pay it up front. It’s commonly advised not to do this unless absolutely necessary, as it ultimately means an increase to the debt you must pay off.

By including stamp duty with your mortgage, you’ll also end up paying interest on the added amount for the full term. This could end up costing you more than the stamp duty itself by the time your mortgage is winding down.

For the process of actually buying a home, SDLT is the only tax that directly applies to the purchase (assuming you’re not a first-time buyer).

Council Tax

Whereas stamp duty is a fixed amount you pay upon a house purchase, council tax is ongoing and is never truly paid off. You only have to start paying Council Tax from the date of Completion, not from the date of Exchange. The seller is still responsible for paying Council Tax until the date of Completion.

Paying the council tax bill is usually the responsibility of the person living in the property. This would be either the owner-occupiers or the renters in privately rented or council accommodation. Some people are exempt from paying council tax, including full-time students and some live-in carers.

First time home buyers may find it beneficial to understand which council tax band their property falls into when buying a house, and whether their property is in the correct band. In some cases, you can pay less council tax by securing a change in band.

Council Tax Bands

In England, there are eight council tax bands lettered A – H, representing the lowest to highest valuation ranges:

Band A = up to £40,000
Band B = £40,000 to £52,000
Band C = £52,000 to £68,000
Band D = £68,000 to £88,000
Band E = £88,000 to £120,000
Band F = £120,000 to £160,000
Band G = £160,000 to £320,000
Band H = Greater than £320,000

The amount charged for each respective band is set by the property’s local authority, so two houses in the same lettered band will not necessarily pay the same amount. Under the English council tax system, the amount charged for a property in band A will always be a third of that charged on a band H property.

Who pays stamp duty? The buyer or seller?

Stamp duty is purely a tax when buying a house, and it isn’t a concern of the seller.

Capital Gains Tax is a possible tax on selling a house if the value of the property has increased beyond £12,300 and is charged at either 18% or 28% depending on the seller’s income and other financial factors.

Buying a house with Mistoria Estate Agents Cheadle

We understand the ins and outs of paying tax when buying your home. Let us take the stress out of the mounting costs and taxes involved with conveyancing by providing clear, experienced advice to guide you every step of the way.

To find out more about buying your home with Mistoria Estate Agents Cheadle, contact us today.

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Dispelling the Myths

student housing Salford / student housing north west

Many landlords often worry about letting out their properties to students, fearing that they will not receive rental payments, or that their houses will be destroyed during wild parties. However, issues like these are exceptionally rare. We thought we’d dispel some of the popular myths about renting to students in this blog post.

Damage to the Property

A landlord’s worst nightmare is undoubtedly that their property will be destroyed by a particularly wild student party. However, with the rising cost of living, students are increasingly opting to drink and party less, with some studies suggesting that 30% of the student population does not drink at all. With less spare money, students are also more conscious of the need to care for their house to protect their deposit. 

A recent survey by student utility supplier Glide also recently showed that 82% of students would rather stay in to binge watch TV and films than go out to party. Therefore, the chance of a landlord’s property being ruined is now much reduced. 

Payment Problems 

The typical image that society has of a student is of one surviving off pasta because they’ve spent all their money on alcohol. That, alongside the fact that this is the first time many will have had payment responsibilities before, leaves landlords worried that their student tenants will not have enough money to pay their rent. However, such issues are actually relatively rare in student properties, because tenants receive student loan payments termly. Furthermore, if students do miss their rent payments, they are almost always backed by strong guarantors – their parents. 

Noise Complaints

Students are typically known for playing loud music and screaming and shouting late into the night. But as they reduce their alcohol intake and opt to stay in for film nights with friends, landlords should actually see a reduction in the number of noise complaints they receive from neighbours. 

Finding the Perfect Tenants   

One of the best ways to look after your property is to engage with your tenants. If they feel like you are listening to their queries and worries, they are more likely to trust you and therefore respect both you and your property. Having a good relationship with their landlord is one of the key things students look for when renting a home. 

Still Have Concerns?

If you are worried about letting your property to students, come and speak to the experts in student housing North West based Mistoria Estate Agents. 

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Dealing With Damp

Liverpool letting agent

During the colder months damp and condensation can become a problem in your property. Here we take a look at ways you can avoid these issues…

Condensation

The most common cause of damp in a property is the build-up of condensation. It should be made clear to your tenants that it is their responsibility to prevent condensation in the property. Once you have installed extractor fans in bathrooms, stress that tenants should switch these on every time they shower or take a bath. It might be worth investing in an extractor fan that switches on automatically in time with the bathroom light. That way, you won’t have to rely on your tenants remembering to do so. Extractor fans should also be fitted in the kitchen above the hob. Boiling water causes lots of steam to be produced, which will settle on the walls and windows if not removed. 

Advise your tenants to open their windows regularly, especially in the kitchen and bathroom. During the colder months, they may be reluctant to do so, but windows need only be open for ten minutes a day for a noticeable difference in the levels of condensation build-up. Remind them that they need to close and lock all of their windows before leaving their house each day. 

Tell your tenants not to put wet clothing on radiators. The water vapour mixing with the hot air will rise and settle on walls and windows. You may wish to fit a clothes line to encourage your tenants to dry their clothes outside.

Rising Damp  

Rising damp occurs when groundwater seeps through the bricks and mortar of a building because its damp course has failed. It is your responsibility as a landlord to make the building watertight again by fitting a new damp course. The cost should not be passed on to your tenants. You should ask a professional for their advice; rising damp is often misdiagnosed and fitting a new damp course could end up being a needless expense. 

Penetrating Damp

Penetrating damp occurs when water enters a building via an external wall or the roof and settles inside. This will invariably be because of a fault within the building, such as holes in the roof, damaged gutters, or cracks in the external render. Again, it is your responsibility to ensure that these issues are remedied and that the house is fit for habitation. Fixing penetrating damp is usually a simple process. Make a note of anywhere that the damp appears and find that point on the exterior of your property. Around this area you should be able to quickly find the fault and fix it yourself with some simple DIY. For serious problems, consult an experienced surveyor. A check of the whole building may be required to ensure the damp has not become wet rot, which would be disastrous for the structural integrity of your property.     

Resolving Damp Issues  

Cheadle letting agent, Mistoria Estate Agents have a dedicated maintenance team on hand to resolve any property issues for our landlords and tenants. Contact us now to find out how we can help you. 

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State of the market: Is now the time to invest in Cheadle property?

invest in Cheadle property

With lockdowns now firmly behind us and no prospect of them returning in full force any time soon the property market has come roaring back – could now be time to invest in Cheadle property?

There is certainly plenty of evidence the housing market is booming –although figures have been inflated by the rush to take advantage of the stamp duty holiday which came to an end in October.

According to HM Revenue and Customs, in the UK in last month an estimated 160,950 homes changed hands, which was almost 70% higher than in August and 68% higher than the previous September.

Compared to the 50% drop in sales which occurred in April and May 2020 due to the pandemic, it is clear the market has put Covid behind it.

Zoopla has predicted 2021 will be the strongest year in the housing market since 2007, with around £500bn in sales.

Now that the stamp duty holiday has come to an end it is expected the residential sales market will slow and price growth is set to stall making now a perfect time to invest in Cheadle property.

Sensing opportunity of a market lull before further growth, investors are out in force cash buying property left right and centre after laying low throughout the pandemic.

Property is on the verge of flipping from a seller’s market to a buyer’s market.

What does this mean for rental?

Research from Zoopla found rents were rising at their fastest pace in over a decade in all places in the UK except London.

They found rent would be on average £500 more per year by the end of 2021 compared to 2020.

Demand for rental properties across the country is expected to rise in the coming months.

As people decided to stay put during lockdowns, and with evictions made temporarily very difficult, tenants very rarely moved.

But now the economy is looking increasingly strong and lockdowns fading into memory more and more tenants will start looking for a place to move.

With a rise in demand, it could be the perfect opportunity for House in Multiple Occupation (HMO) property investment.

With the ability of being able to house multiple separate tenants into a single property, HMOs can easily absorb any rise in demand.

Combined with a rise in rents and the reproductive growth HMOs offer, they could be a wise investment.

If you are thinking of investing in property for rental and would like help and advice on how to manage a successful tenancy, please contact our experienced team or visit our contact page to find your local branch.

We manage 1000 properties and 3000 tenancies in the private and student rental sector and can help you with all aspects of rental property management.

Call us on 0800 500 3015 or email info@mistoria.co.uk

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How to avoid deposit disputes

What to do at the start and end of a tenancy to avoid a deposit dispute

Less than 1% of all tenancy deposits end in dispute, but when it does happen it can end up being an expensive nightmare for all parties involved.

Many potential disputes can be avoided and one of the quickest ways to make sure conflicts don’t happen is to ensure all the correct information is provided to everyone at the right times.

Keeping audit trails of any changes made to the property, both by the landlord and tenant, can drastically improve the chances of a dispute being sorted quickly and reduce the chance of any acrimonious feelings between those involved.

This needs to happen from day one until the last day of the tenancy. Make sure the new tenant knows what is expected straight away. By doing this it will help them as much as it will help you.

Here’s what needs to be done right at the start and right at the end of a tenancy:

When the new tenant checks in

Having a detailed as possible report about the condition of the property is important. This goes further than a full inventory and cleanliness. Make notes of the last time it was professionally cleaned as well as being up front about any marks or scuffs on the upholstery so any new ones can be noted.

Also point out brand new decorations down to the date it was done so it becomes clear what they are getting.

Making a note of different odours could also be a good idea, although smells can be subjective and caused by many things a distinct new one will be hard to avoid.

Always back all of this up with as much documentation and images as possible.

When the tenant checks out

This is where conducting a thorough inventory at the start will pay off. As the house is inspected, refer to it constantly, and if you had a hand in making it to start with you should know exactly what to look for.

As before, keep a note of every detail and compare your new document with the old one once you are finished.

Also, even if it looks clear make sure you touch it! Stickiness and pet hairs are often hard to detect but can be costly to remove.

What to do if you think a deposit deduction is needed

If you find yourself in a situation where the property has not been returned in a satisfactory state, you may need to deduct from the deposit.

This process can often cause disputes and conflict between landlord and tenant, so make sure you’re completely sure and have the documentary evidence to back it up.

Clear, concise reasoning as to why the landlord thinks a deduction is vital.

On top of this pointing out exactly where in the tenancy agreement the landlord believes the tenant has breached will be needed.

If the tenant decides to dispute the claim, then it will need to be taken to an adjudicator.

At Mistoria Estate Agents, part of our landlord service is to conduct inventories and property checks on behalf of our landlords. We carry out thorough check in and check out inspections to ensure there is official paperwork, documentation and photographs at the start and end of every tenancy. Whilst it can feel like an uncomfortable process, we understand how vital it is for both landlord and tenant to be clear and consistent when it comes to the condition of a property.

If you own a rental property and would like help and advice on how to manage a successful tenancy, ensuring you meet all the legal requirements and remain up to date on guidance and legislation, please contact our experienced team. We manage 1000 properties and 3000 tenancies in the private and student rental sector and can help you with all aspects of rental property management. Call us on 0800 500 3015 or email info@mistoria.co.uk.

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Property market continues to boom despite end of SDLT holiday

cheadle property prices

It’s fair to say the housing market is experiencing a remarkable surge at the moment. And in the words of our own agents; people are making up their own prices… and buyers are paying it, and then some!

The unprecedented boom in the price of property has been put down to the Stamp Duty Land Tax (SDLT) holiday, introduced by the Government at the beginning of the Covid-19 pandemic, to keep the market moving during the numerous lockdowns. Nobody could have predicted the impact of this move.

The temporary nil rate for SDLT was introduced in April 2020 when the UK went into its first lockdown, allowing anyone to purchase a primary residential property up to the value of £500,000 without paying stamp duty. From 1st July, the nil rate band was reduced to £250,000 and will be reduced again on 1st October to return to the standard threshold of £125,000 (except for first-time buyers who have a threshold of £300,000).

Whilst potentially saving buyers thousands of pounds on the cost of purchasing a new property, it seems buyers are diverting the money “saved” in stamp duty and putting into the price they are willing to offer vendors. Add into the mix low interest rates, a stagnant stock market, savings made during lockdowns and no overseas travel, buyers suddenly have more disposable income that they are eager to put into a property purchase.

This action has driven up the cost of property to extraordinary levels, across the country. Mistoria’s own estate agents are seeing property selling for 30, 40, £50k more than it previously would have. Sarah Morris-Turner, branch manager at Mistoria Estate Agents Bolton said, “We can’t believe what we’re witnessing in the residential sales market at the moment. Every property that we bring to market we’re having to offer block viewings on due to the demand. From these viewings we’re receiving multiple offers, all of which are over the asking price!”

As original SDLT rates return on 1st October 2021, it was predicted that the end of the SDLT holiday would slow the market but, from Mistoria’s standpoint at least, this shows no sign of happening anytime soon.

Whilst rising prices has made for a seller’s market and boom time for the industry, there are concerns from an agent’s perspective. Morris-Turner continues, “It’s quite challenging valuing property in the current market. Some agents are valuing quite erratically giving false expectations to clients. As agents we have a responsibility to value property accurately, so as not to end up in negative equity. As and when the market dips, negative equity is a real concern for many buyers that suddenly find themselves with a property worth less than they paid for it.”

This call for caution is echoed by Dewi Caughter, branch manager at Mistoria Estate Agents in Cheadle. He says, “Whilst we are currently seeing property sell within seven days of coming to market, and for far more than the asking price, we predict next year may be more precarious for those currently paying overinflated prices for property. Should the market plateau, clients may face negative equity on their mortgages. It will be interesting to see how the market adjusts.”

There’s no doubting the SDLT holiday has done what it was intended to do in contributing towards keeping the housing market moving during the last 18 months of the Coronavirus pandemic but the long-term repercussions of such a rise in the cost of property is yet to be seen.

Cheadle property prices

If you’re considering buying or selling a property, the agents at Mistoria Estate Agents can help you navigate, make sense of and accurately value or make an offer on Cheadle property prices. Speak to our friendly and expert team on 0161 519 9554 or email cheadle@mistoria.co.uk. You can find a Mistoria Estate Agent in Bolton, Cheadle, Liverpool, Salford and Walkden.

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Right To Rent changes from 30th June 2021

right to rent changes

Changes to Right to Rent legislation in the UK come into effect from 1st July 2021, ending the grace period put into place following the country’s exit from the EU. The change means that letting agents will move from checking nationality to checking the UK immigration status of all adult tenancy applicants.

Right to Rent is the legislation that requires landlords and agents to check the immigration status of prospective tenants to ensure they have the right to rent in the UK. The temporary changes meant that citizens of European Economic Area (EEA) countries and Switzerland only needed to prove their citizenship while applying for settled status in the UK. When the interim measures lift, it will mean that these people need to provide evidence of their UK immigration status too.

New guidance has been issued by the Home Office for agents and landlords to follow from 1st July 2021. The Home Office has been working with ARLA Propertymark, who says that “From this point, if someone is an EEA, EU, or Swiss national, you will need to see evidence of their UK immigration status rather than their national identification”. Anyone who has applied for and been granted settled status will have digital evidence of their application, and this should be shared digitally using the online Right to Rent services from the Home Office on the Gov.uk website.

Digital checks have been an option since December 2020 and involve the prospective tenant sharing a time code and their date of birth, which landlords use to check their immigration status online. However, not all applicants will use the digital service and may have other evidence of their immigration status, including physical documents.

Another change to Right to Rent checks is related to Covid-19. The way that checks were carried out was temporarily readjusted to make them safer during the pandemic. From 1st September, landlords and letting agents will be returning to face-to-face and physical document checks. This is in accordance with the easing of lockdown rules and social distancing measures, aligning with the roadmap for England set out by the Government. This change has been postponed twice, first set for 16th May, then 20th June.

Currently, Right to Rent checks can be made over video calls and tenants can send scanned documents or photos of documents using email or a mobile app. The online Right to Rent service can also be used during a video call if the prospective tenant has a current Biometric Residence Permit or Biometric Residence Card or has been granted status under the EU Settlement Scheme or the points-based immigration system. When these temporary changes end on 1st September, landlords and their agents must either check the applicant’s original documents or check their right to rent online if given their share code for the service.

Both landlords and EEA/EU/Swiss citizens applying for tenancies should be aware of these changes related to Brexit and to Covid-19. The situation regarding Covid-19 could also be subject to change, so it’s a good idea to keep an eye on what’s happening.

Mistoria Estate Agents Cheadle are Cheadle and South Manchester property experts and can help guide both landlords and tenants through any property related matter. If you need help and advice on the new Right to Rent changes and what is means for you, please contact our team on 0161 519 0554 or use our contact form.

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End of Stamp Duty Holiday: first deadline fast approaching

stamp duty holiday

The Stamp Duty holiday in England will end on 30th June 2021, lowering the nil rate band from £500,000 to £250,000 for all but first-time buyers, who have a threshold of £300,000 before stamp duty is due. The rates will then change again in October to return to the standard amount pre-Covid-19.

The temporary nil rate for Stamp Duty Land Tax (SDLT) was introduced in 2020 when the UK went into lockdown amid the global Covid-19 pandemic, allowing anyone to purchase a primary residential property up to the value of £500,000 without paying Stamp Duty. From 1st July to 30th September 2021, the nil rate band will be reduced to £250,000 and then will be reduced again to return to the standard threshold of £125,000, again, except for first-time buyers who have a threshold of £300,000.

The rate of SDLT that applies to a purchase depends on the date that the purchase is completed and not the date that contracts are exchanged. This means that many people who are in the process of buying a house now could miss out on the extra relief but still have the opportunity to benefit from the £250,000 nil rate if they complete by October. The rate above £250,000 will be 5% on the next £675,000 (up to £925,000), 10% on the next £575,000 (up to £1.5 million), and 12% on the value above £1.5 million.

The adjustments to the Stamp Duty nil rate apply to main residences. Additional properties, for which there is no nil rate unless they are bought for less than £40,000, incur a 3% tax up to £500,000 until 30th June. This then changes to 3% up to £250,000 until October.

Anyone hoping to take advantage of the lower Stamp Duty rates, whether buying a main residence or an investment property, should think about moving quickly. Property purchases can take a number of months, and there are just over three months left until the SDLT rates revert to the standard amounts.

June 30th is the first Stamp Duty holiday deadline to pay attention to if you’re currently in the process of buying a property. Now is the time to try and speed things up and perhaps try to set a completion date before this deadline. If you miss this first deadline, you can still benefit from the Stamp Duty holiday, with a further three months to take advantage of the £250,000 nil rate. To check how much you’re going to pay, you can use the Stamp Duty Land Tax calculator.

If you have yet to find the perfect property, Mistoria Estate Agents can help you to speed up your search. Our estate agents will listen to your wants and needs and suggest properties for your shortlist. Please contact us on 0161 519 9554 or use our contact form. If you’re currently viewing properties, you can also speed things up by getting other necessities out of the way, such as lining up a solicitor and talking to a mortgage broker. This will put you in a good position to move quickly once you find the right property.