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Georgina's Blog



September 2020

Renting and buying during Coronavirus

At the moment because of lockdown and the Coronavirus so many people have lost their livelihoods or are in a more precarious financial position that the government have stepped in to help people with various aspects of their housing. The first is that no one can be evicted from their property for some considerable period of time. Landlords will be required to provide six months' notice to quit until at least the end of March 2021 if the notice has been served after August 29th. (It was three months if the notice was served between March 26th to August 29th inclusive.) And even then, if there is proof that someone was unable to pay their rent because of hardship caused by the Coronavirus, there are no guarantees that the landlord will succeed in evicting their tenants - unless the landlords themselves are in coronavirus hardship cases too. Let's see how that plays out. There are exceptions - anti-social behaviour and domestic abuse, numbers of which seem to be increasing, will be given short shrift and evictions will be more swift if the perpetrator is left in the house on their own after the victim has left. But for anyone struggling with rent or mortgage payments at the moment it is worth talking to your landlord or your mortgage broker to discuss it before you go into arrears. They have all been instructed to be more amenable and sympathetic, so let's hope they are.

For the lucky ones who are into buying property at the moment, the government are encouraging you to do so by reducing Stamp Duty. The figures below are self-explanatory - next website Zoopla? Offer open until March 31st 2021...

Main Home
Value
Stamp Duty Land Tax (SDLT)
Up to £500,000
Zero
The portion from £501,000 - £925,000
5%
The portion from £925,000 - £1.5 million
10%
The portion above £1.5 million
12%


Additional properties
Value
Stamp Duty Land Tax (SDLT)
Up to £500,000
3%
The portion from £501,000 - £925,000
8%
The portion from £925,000 - £1.5 million
13%
The portion above £1.5 million
15%