A two-minute read.

Chancellor Kwasi Kwarteng outlined his plans for the economy during the ‘mini-budget’ announced this morning.

This included changes to stamp duty, tax cuts and other measures aimed at boosting the nation’s finances.

Here’s what the Chancellor said about stamp duty as reported by leading estate agency news website – Property Industry Eye.

“The government is reforming stamp duty by doubling the level at which people begin paying this from £125,000 to £250,000.

“The government also committed to helping first-time buyers get on the property ladder in two ways. Firstly, by increasing the level first-time buyers start paying stamp duty from £300,000 to £425,000.

“In addition, the government is allowing first-time buyers to access the relief when they buy a property costing less than £625,000 rather than the current £500,000.

“According to the Chancellor, these measures will reduce stamp duty bills across the board for all movers by up to £2,500 with first-time buyers able to access up £11,250 in relief.”

The announcement comes less than 24 hours after the Bank of England raised the interest base rate to 2.25%.

What it Means to Buyers and Sellers

Call us on 01626 365055 to find out more about what the stamp duty changes mean for you.

Thanks for reading.

If you’re planning to entertain friends or family at home this summer, check out the latest must-have garden gadgets and accessories. A two-minute read.

Spending time in your own garden, be it pottering around alone or entertaining family and friends, is one of the true joys of summer.

And there’s a host of products on the market to help you make the most of the experience.

Here’s a list of what is proving popular at the moment. 

Garden fireballs – Fire pits were a hit last summer, but this year, it’s all about the fireball. Like a fire pit but spherical, fireballs look striking and keep you warm when the sun goes down. Just be a bit wary if you have young children or pets. 

Pizza oven – Bored with barbequed bangers but still want to cook al fresco? Then invest in an outdoor pizza oven. There’s one to suit every price range, from dinky, portable gas-fired models to built-in woodfired ovens that wouldn’t look out of place in a Napoli pizzeria.

Patio heater – A patio heater will allow you to make the most of your days and nights in the garden. (Let’s face it, this is the UK, so you know the mercury will plummet at some point.) We’re all familiar with the big outdoor heaters you see in pubs (clunky but effective), but many smaller models are available for domestic use. You can choose from free-standing or wall-hanging, gas or electric. Be mindful of those energy bills, though.

Smoke-free barbeque – Enjoy the taste of barbequed food without the smoke or smell (ideal if you live in a built-up area and the neighbours are prone to complaining about smoke wafting into their garden).

Sunken trampoline – Kids love trampolines, but many people find them visually intrusive because of their height and the safety net (which, by the way, is crucial if you want to avoid a visit to A&E). A sunken or in-ground trampoline can be the solution – they’re less impactful visually and safer for the kids. Most people get a company to handle the installation, although you could tackle the job yourself if you’re a confident DIYer (just check you don’t disturb any underground pipework).

From all of us here at Chamberlains, we hope you enjoy the summer.

Hands up if you’ve ever lost a couple of hours sitting on the sofa watching a property show? Whether it’s a 30-minute fix or a full-on binge, programmes about other people’s homes are fascinating.

Entire cable channels are dedicated to home renovations, property sales, flipping houses and so on. We just can’t seem to get enough of them.

In this quick read, we look at some firm favourites and why they’re so good.

• Homes Under the Hammer (BBC 1)

Daytime TV is like a warm, snuggly blanket. It’s easy watching and seemingly endless. Homes Under the Hammer is just that. You see properties transform from crumbling bricks and fluorescent wallpaper into homes you want to live in.

Gracing our screens since 2003, there are well over 1,000 episodes, which just goes to show that the fantasy of turning a dump into a dream home is one we all relate to.

• Location, Location, Location (Channel 4)

While some of us tune in to Kirstie and Phil to enjoy their flirty, no-we’re-not-a-couple banter, the rest of us just can’t imagine buying a home without their wise input.

On our screens since 2000, 36 seasons in, and we’re still watching. The journey of unhappy buyer to elated homeowner has proven irresistible and it doesn’t seem like viewers are ready to switch off.

• A Place in the Sun (Channel 4)

Ever fancied running off to Spain and opening a chip shop in Benidorm? Well, many of the participants in this long-running overseas property show have, and we love to see it. People look for homes all over the world, and they all seem to have sun, sea and dodgy tiling in common. Still going strong after 22 years, it seems that viewers have a never-ending appetite for sun-drenched property hunts.

• Property Brothers (various channels)

A firm favourite over in the USA, twins Jonathan and Drew Scott help families find their forever homes. The show always seems to be on a random cable channel, and you can’t help but get strangely invested in finding out whether Billy-Jo and Emily-Sue find their dream property (which is always gigantic in comparison to our UK homes).

While one brother helps on the hunt, the other gets the current property ready for sale – no one knows which brother is which, but who cares, their passion for property is infectious.

• DIY SOS (BBC 1)

Property renovation with a heart, this show is about well-loved homes begging for a much-needed makeover. While many of the changes are made to cater for a family’s needs, this programme combines heart-wrenching stories with good, old-fashioned demos. Amazingly, it’s been on our screens since 1999 (that’s a whole different century).

At Chamberlains, we live, breathe and watch property all the time. So, what’s your favourite property programme? Comment below.

In this two-minute read, we look at what we can all do to play a part in the fight against climate change.

It’s never been more evident in human history that we need to change the way we live if the planet is to have a future.

So, this year’s World Earth Day, which takes place on Friday, 22 April, has never been more important.

The day which has been taking place across the globe for more than 50 years, aims to raise awareness of what we can all do to make a difference.

We’re encouraging people to consider some of the ten tips below to adapt the way we all live to a more sustainable, environmentally friendly way.

1. Cycle or walk where possible.
2. Buy second-hand items – we prefer to call them pre-loved
3. Eat local, seasonal produce
4. Shower instead of bath
5. Wash clothes at 30 degrees or lower
6. Make sure your home is well insulated
7. Consider buying an electric car
8. Use LED bulbs
9. Recycle and upcycle
10. Share these tips

As an agency, we are putting together a sustainability statement to outline all the ways that we are going to do our bit to reduce our carbon footprint. From ensuring we only use FSC paper to looking at our energy suppliers and use, we’ll cover all aspects of our business to make sure we are doing the best we can. More info to follow!

What tips do you have for going green?

Thanks for reading.

In this two-minute read, we have a quick look at what you need to consider when becoming a landlord.

Before becoming a landlord, you need to consider how you want to buy your rental property. There’s lots of tricky tax stuff to consider and changes to tax relief over the last few years mean that becoming a landlord might not be as profitable as you first think.

So, what should you do? Should you buy a rental property in your personal name or via a limited company?

Setting up a limited company

Since 2016, more private companies than ever before have been set up to hold buy-to-let properties (primarily because of tax changes) and it’s relatively easy to do. Whether you’re starting a company on your own or with others, it’s a matter of choosing a name, deciding who does what, having a company address, and registering online with Companies House.

Keeping the accounts and records for a limited company can be a lot more complicated than personal tax, so it’s always advisable to hire an accountant. In addition, proper accounts are a legal requirement when running a limited company, so by hiring a professional you can have peace of mind that things will be done the right way.

Taxing stuff

Tax. Ugh. A word that makes everyone feel slightly sick. And when you’re a landlord, it’s an area you need to get your head round.

Over the last few years, the government has brought in several tax changes that impact private landlords with property in their own names and their level of tax relief. In simple terms, this means less profit and more tax.

For example, in England, rental profit is subject to income tax. Previously, if you had an £800 monthly mortgage bill and earned £1,000 in rent, you would only pay tax on the £200 profit. However, since April 2020 tax changes have meant that mortgage costs can no longer be treated as an expense, meaning after-tax profit has considerably reduced.

Limited companies now hold more tax advantages for landlords. For example, a limited company can still treat mortgage costs as an expense along with other related costs of managing a rental property. In addition, limited companies are subject to corporation tax which is currently set at 19% (although this is set to increase), instead of income tax, which changes the more that you earn.

Other tax areas to investigate if thinking about setting up a limited company include:

• No capital gains tax
• Inheritance tax issues (if you plan to pass your property on)

Always speak to an accountant or financial advisor when it comes to tax matters.

If you’re thinking about buying a rental property, please speak to us at Chamberlains.

This three-minute read looks at the property-related issues that arise after a relationship breaks down.

A survey of 2,000 Brits found that there’s only one thing more stressful than getting divorced – and that’s moving home.*

Spare a thought then for people who sell their home when their long-term relationship ends. They find themselves dealing with two of life’s most challenging moments at the same time.

Here are some property-related tips to help people navigate such a scenario.

Get good advice

Seek good, independent legal advice. Many factors can influence how assets are divided, such as the length of the relationship, each party’s income and responsibilities, and if children are involved.

Consider your options carefully 

Could you buy your ex’s share of the property (or vice versa)? Or would it be best to sell up altogether? If you and your former partner can’t agree, a court will decide for you (and you’ll have to abide by the decision).

Notify your lender

Discuss the situation with your lender; they’ll have seen this type of thing before and will be able to advise you. Remember, if you and your ex-partner have a joint mortgage, you’re both liable for any missed payments – even if one of you has moved into alternative accommodation.

Don’t short-change yourself

Beware of home-buying companies that swoop in and purchase properties at lightning speed from people in tricky situations. In return for a quick sale, these operators will hammer you on price. (You’ll kick yourself later for accepting a measly sum.) The more you make from the sale of your home, the more you’ll have to put towards starting the next chapter in your life.

Get an independent valuation

Whether you’re doing a deal with your ex or selling on the open market, always get an independent valuation from an experienced estate agent. Never rely on a figure given to you by a quick-buy company or your former partner.

Be realistic about future costs

If you plan to buy a new home post-divorce, you’ll need to budget for a removal firm, stamp duty, and legal fees (all good reasons to maximise the price you get for your home).

Communication

If possible (and we accept that in some circumstances, it’s just not), try to keep the lines of communication with your former partner open. If you can work together to present your home at its best, you can achieve the maximum price. 

Work with an experienced agent 

Choose an agent with a good track record. They’ll streamline the process as much as possible and minimise stress and disruption.

For confidential advice about selling your home, get in touch with us here at Chamberlains.  We’ve got a free guide to help, for download. 

*Survey conducted by Yopa in 2019.

In this two-minute read, we say a big thank you to those in South Devon who are working or volunteering during the Christmas period.

It’s the night before Christmas, and excitement is reaching fever pitch among children (and adults, some of our team included).

But let’s also spare a thought and share some gratitude for the people, around one million of them across the UK, who work on December 25^th.

While you’re tucking into the turkey or munching away on your seasonal veg, it can be easy to forget that it’s another working day for some of our neighbours.

Emergency services, hospital staff, carers, traffic officers, HGV drivers, and hospitality workers all come to mind as people who will be putting in shifts across South Devon while many of us are having fun.

There are also scores of volunteers who give up their time on Christmas Day.

From helpline call handlers to those who organise lunches on December 25^th for lonely or vulnerable people in the community.

These superstars are giving the most precious present anyone can – their time and attention.

So, to all those hardworking and community-spirited folks, we salute you.

You are local heroes, and we are grateful to you. And we hope you get some quality downtime to enjoy the festive season.

At Chamberlains, we’ll be taking a well-earned break to prepare ourselves for what promises to be a very busy 2022 for the South Devon property market.

Our opening hours over the festive period are:

Thursday 23rd December – 09:00 to 17:30

Friday 24th December – Closed

Saturday 25th December – Closed

Monday 27th December – Closed

Tuesday 28th December – Closed

Wednesday 29th December – 10:00 to 15:00

Thursday 30th December – 10:00 – 15:00

Friday 31st December – 10:00 to 15:00

Saturday 1st January – Closed

Monday 3rd January – Closed

Tuesday 4th January – 09:00 – 17:30

All of us at Chamberlains would like to wish everyone in South Devon a happy, healthy, and very Merry Christmas.

In this two-minute read, we look at some of the scams targeting Christmas shoppers in South Devon and how to avoid them.

Which classic festive song opens with the line, “It’s Christmas time, there’s no need to be afraid.”?

Easy, eh? It’s Band Aid’s “Do They Know it’s Christmas?”.

And while no one should be scared during the festive season, we should all be aware of one set of people hell-bent on cheating people out of Christmas cheer – scammers.

Scams are more prevalent now than ever due to the pandemic driving more people online to buy gifts and the relentless pace of modern life meaning we’re all often rushing.

And fraudsters thrive at this time of the year. So be wary of these tricks they’re pulling below.

• Unexpected e-cards

If an anonymous e-card pops up in your inbox, err on the side of caution and don’t open it. It’s a common tactic scammers use to infect your computer with viruses. Always use a good anti-virus product across your devices and check out www.cyberstreetwise.com for more helpful advice.

• Online bargains

Buying things online has become second nature to many of us. And there are some great deals to be had. But if a deal looks too good to be true, there’s usually a reason why. Many scammers entice shoppers into handing over financial information to buy cut-price items that don’t exist. Always buy from reputable online retailers, check for reviews, and trust your gut instinct.

• Ticketing fraud

As the UK eases out of the shackles of the lockdowns, many people want to get out and experience live events again. It’s a great way to treat a friend or family member. But be warned, scammers love ticketing scams – especially ones around supposedly sold-out events. So only buy tickets from reputable websites and always look for secure websites (showing a padlock at the start of their web address).

• Holiday horrors

According to Action Fraud, one of the UK’s leading websites offering advice to consumers, holiday fraud is rising. This is because overseas travel has been limited for so long and many of us are desperate to get away, especially over Christmas. Watch out for last-minute bargains from companies that won’t accept credit cards and aren’t ATOL or ABTA protected. You can check a travel company’s status with the Civil Aviation Authority.

Thanks for reading, and from all of us at Chamberlains, here’s to a happy, healthy, and safe Christmas.

How South Devon Sellers Can Spot an Agent Who Means Business 

In this three-minute read, we look at how to gauge if an agent is giving you an honest property valuation.

The first question a seller always asks an estate agent is: “How much can you sell my property for?”. The second is: “What is your fee?”.

This focus on price and fees makes perfect sense; understandably every seller in South Devon wants to get the best possible property deal.

But before you jump in and choose an agent based solely on these two things, ask two more questions to determine if an agent is telling you the truth or a load of porkies.

Before you sign a contract, ask:

• If there is a tie-in clause in the contract? If so, how long is it?
• If you can terminate the agreement if you’re unhappy with the service?

Unfortunately, many sellers skip these questions, and it’s not until things go awry that they realise they’re locked into an unfavourable deal.

Tie-in periods

Some agents don’t do tie-ins at all (Chamberlains certainly doesn’t), while others will ask that you commit to allowing them a minimum period, usually a few weeks, to market the property.

Other agents go so far as to lock you in for 24 weeks (with a 28-day notice period on top of that).

It’s up to you to decide what length of tie-in is reasonable – but make sure you understand from the outset what you’re getting into.

Overvaluing a property

It’s also worth questioning why an agent wants a 24-week tie-in. If they genuinely believe in their pricing strategy, why do they need nearly half a year to shift the property?

Unless, of course, they’ve deliberately overvalued your home to secure your custom. They know that eventually you’ll have to drop the price, but they don’t care – they’ve got you cornered.

The whole thing is a ploy to get your business. It wastes time and can jeopardise your next purchase, especially if you’re in a chain.

Bad service

Also, be wary of long notice periods. Some contracts not only commit you to an extended tie-in but require that you serve notice if you want to terminate.

So, you get to the end of a long tie-in, and think ‘hallelujah, I’m ditching these cowboys’ only to discover you’re still locked in.

Often, the longer the tie-in and notice period, the worse the service because the agent knows you can’t go elsewhere.

Top tips

• Always do your research before choosing an agent.
• Never sign a contract you haven’t read.
• Remember, you can negotiate tie-in periods. They’re not set in stone, even if an agent tells you otherwise.
• Go with a local agent with a reputation for excellent service and delivering on their promises. Google Reviews are a great place to start!

From all of us here at Chamberlains, thanks for reading.