Wednesday, 27 May 2020
Friday, 15 May 2020
A very fruitful visit to the UK
One of our investors, Daniel visited the UK last year to visit one of his properties which we helped to source, it was just about to complete so it was a very timely visit.
He also visited our development site in Croydon for Ria Apartments.
So very glad to have him onboard with another collaboration project in Edinburgh, Slateford House.
He also visited our development site in Croydon for Ria Apartments.
So very glad to have him onboard with another collaboration project in Edinburgh, Slateford House.
Thursday, 14 May 2020
England Housing Market Is Released From Lockdown
300,000 resi transactions UK wide with sales agreed ready to be progressed and 65,000 valuations ready to be carried out now that estate agents and surveyors are allowed to proceed, with suitable Personal Protection and Social distancing rules observed.
Friday, 1 May 2020
New Stamp Duty Land Tax Rates for Non-UK Residents
Announcement of New Stamp Duty Land Tax
On 11th March 2020, Chancellor Rishi Sunak announced in the Budget that SDLT for overseas buyers will include an additional 2% stamp duty surcharge for purchases from 1 April 2021 if they buy a residential property in England or Northern Ireland.
Currently, there is no difference in stamp duty surcharge between UK residents and non-UK residents.
What triggered the proposal of the Non-UK Resident Stamp Duty Surcharge?
The Government hoped that the new stamp duty surcharge could take some heat out of the London property market where foreign investment is high. This in turn could help control house price inflation with the aim of making housing more affordable for UK residents.
In 2016, to control increase in house prices, which they believed was due to investor demand, the Government had announced a surcharge of additional 3% SDLT for people buying their 2nd residential property and upwards. The location of the 1st property is irrelevant, so unless that buyer does not own any property anywhere else in the world, the oversea buyer will have to pay a total of an additional of 5% Stamp Duty Land Tax.
Possible blind-spots
1. Property purchase in Scotland or Wales may be exempted from this surcharge, so it may be a good option to purchase in these areas.
2. Purchasing the property with a UK-Registered Company, because this means the entity buying the property will not be an oversea buyer, but rather a local company.
3. Buying off-plan and then flipping the property before completion of sale to a UK resident, because SDLT is only payable upon completion of a purchase. When a property is bought off plan, there is a long period between the exchange of contracts (signing the SNP in Malaysian terms), and completions (when the entire purchase price has been paid). So if the oversea investor sells off the property before it is completed then it is left to the ultimate purchaser to complete the sale and pay the SDLT.
To assist you in calculating your SDLT, please go to the following link for the stamp duty calculator:
https://www.stampdutycalculator.org.uk/
On 11th March 2020, Chancellor Rishi Sunak announced in the Budget that SDLT for overseas buyers will include an additional 2% stamp duty surcharge for purchases from 1 April 2021 if they buy a residential property in England or Northern Ireland.
Currently, there is no difference in stamp duty surcharge between UK residents and non-UK residents.
What triggered the proposal of the Non-UK Resident Stamp Duty Surcharge?
The Government hoped that the new stamp duty surcharge could take some heat out of the London property market where foreign investment is high. This in turn could help control house price inflation with the aim of making housing more affordable for UK residents.
In 2016, to control increase in house prices, which they believed was due to investor demand, the Government had announced a surcharge of additional 3% SDLT for people buying their 2nd residential property and upwards. The location of the 1st property is irrelevant, so unless that buyer does not own any property anywhere else in the world, the oversea buyer will have to pay a total of an additional of 5% Stamp Duty Land Tax.
Possible blind-spots
1. Property purchase in Scotland or Wales may be exempted from this surcharge, so it may be a good option to purchase in these areas.
2. Purchasing the property with a UK-Registered Company, because this means the entity buying the property will not be an oversea buyer, but rather a local company.
3. Buying off-plan and then flipping the property before completion of sale to a UK resident, because SDLT is only payable upon completion of a purchase. When a property is bought off plan, there is a long period between the exchange of contracts (signing the SNP in Malaysian terms), and completions (when the entire purchase price has been paid). So if the oversea investor sells off the property before it is completed then it is left to the ultimate purchaser to complete the sale and pay the SDLT.
To assist you in calculating your SDLT, please go to the following link for the stamp duty calculator:
https://www.stampdutycalculator.org.uk/
Ria Apartments
Opening for bookings in Summer 2020.
Register now to receive updates
to avoid disappointment.
Ria Apartments is a Boutique Apartment which
consists of 3 Apartments.
Price: £430,000
Price: £280,000
Apartment 1: A 64 sqm ground floor 2 bedroom apartment with private entrance and garden.
This is a very unique apartment, because it has its own private entrance and garden. A private garden is highly sought after in London, as people like to have BBQs in their garden when it is nice and sunny, and or let their young children have some outside space to play.
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| Apartment 1: 2 bed Ground Floor Private Entrance |
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| Apartment 1: Open plan kitchen and living room, and work area |
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| Apartment 1: Living room and entrance to garden area |
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| Apartment 1: Bedroom 1 |
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| Apartment 1: Bedroom 2 |
Price: £430,000
Apartment 2: A 40.5 sqm first floor 1 bedroom apartment with private balcony and shared entrance with Apartment 3
(More information and pictures coming soon)
Price: £280,000
Apartment 3: A 71 sqm split level 1st floor and second floor 2 bed apartment with private balcony and shared entrance with Apartment 2
(More information and pictures coming soon)
Price: £380,000
We are open for bookings in June 2020, so in order to avoid disappointment, please register your interest, if you would like to be kept updated about this project.
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