October Update - Firebreak Lockdown

Our virtual office continues to be open for business despite the door to our physical office being closed!

This is part of the Welsh Government Firebreak Lockdown Regulations from 23rd October to 9th November 2020

• We are here, during these difficult times, to attend to the needs of tenants, many of whom are in the 'at risk' category.
• We are also here to assist all clients, and customers, with their particular property requirements, whether you are a buyer or seller and want assistance with the progress of your particular property transaction.
• Our property management service continues albeit by e-mail, on-line service and telephone
• Our rent collection service continues, but we ask that all tenants pay by bank transfer, as many tenants do already. If you want to set up a standing order, please contact us and we will assist you with this.
• We will, of course, continue to process rent payments to landlords, most landlords accept payment by BACS, if you are one of the few that still receive cheques we strongly recommend that you contact us with your bank details so that there is absolutely no delay in getting the rent money into your bank account.

We are able to carry out the above high-level service because we have a dedicated and willing team of great property professionals.

We do, however, ask that you assist by using the following communication methods:

• Our telephones will be manned at the office and by staff working remotely from home with call-forwarding.
• E-mails will also be attended to at the office and off-site so please be patient with any enquiry we will work to resolve all issues raised in a timely manner taking account of the restrictions imposed upon us.
• To assist with a speedy reply all staff will be monitoring the following e-mail address:

01758 701 100       post@huwtudor.co.uk

We are determined to play our part to minimize the spread of this virus and we will continue with our high-level service whilst minimising risk to you and our staff. 

We continue to monitor the guidance issued by our professional bodies RICS, ARLA and NAEA along with the advice and regulations published by the Government.

We take this opportunity to thank you for your co-operation and hope that you keep safe and well

Stephen Tudor MRICS FNAEA MARLA
Director H Tudor A'i Fab Cyf  TA Tudor Estate Agents and Chartered Surveyors

24th October 2020

National Association of Estate Agents Published the following Guidance to all Estate Agents in Wales:

THE IMPORTANCE OF ADEHERING TO THE RULES DURING THE TWO-WEEK FIRE-BREAK PERIOD

Agents must ensure they are abiding by the rules set out by the Welsh Government during the two-week fire-break which requires Welsh residents to stay at home until Monday 9 November. The rules also apply to those traveling into Wales from other parts of the UK: you are permitted to travel into Wales to work as long as you comply with the rules.

AGENTS MUCH ENSURE THEY:

KEEP OFFICES SHUT
Both high street lettings and estate agencies' offices must be closed and agents must work from home wherever possible. Where working from home is not possible and agents are able to work safely in their workplace, in accordance with the guidance, they are permitted to do so.

DELAY HOUSE MOVES WHEREVER POSSIBLE
Home moves can still take place during this period if the moving date can't be delayed until after the short lockdown period is over. Associated activities, for example, removals processes, property preparation, handover of keys, surveys and valuations can also take place in line with guidance on working in other people’s homes.

CEASE FACE-TO-FACE VIEWINGS
Property viewings cannot take place during the fire-break period. Virtual viewings can continue.

DELAY NON-URGENT MAINTENANCE AND REPAIRS
Work carried out inside other people’s homes can only take place if it is urgent or to repair a fault which poses a direct risk to people’s safety.

The following is the guidance issued by NAEA

Today, 28 July, the Welsh Government has released guidance for the property sector and has updated its amendments to the Health Protection (Coronavirus Restrictions) (Wales) Regulations in light of the re-opening of the housing market from 27 July.

First announced on 24 July, the Welsh housing market is now fully operational again and the Health Protection (Coronavirus Restrictions) (Wales) Regulations 2020 have now been amended to allow for:

• Home moves
• Agents to market a residential property for sale or rent and prepare a residential property for persons to move into
• Customers to visit estate or letting agents on an appointment-only basis
• Viewings to take place in residential properties.

THE NEW GUIDANCE

The new guidance provides important public health information to ensure that agents' activities happen safely. Estate and letting agents should follow the advice for the industry but other guidance has also been created for customers who wish to move home.

VISITORS TO OFFICES

The guidance states that agents and landlords should:

• Discourage visitors from attending their offices, unless it is absolutely necessary and then should ensure visitors to the office are by appointment only.
• Keep a record of all office visitors including contact details, for COVID-19 tracing purposes
• Put procedures in place to minimise person to person contact
• Read the latest government advice on wearing face coverings.

PROPERTY VIEWINGS

Marketing of properties can take place, but all property viewings should take place virtually in the first instance. Where a physical viewing of a property is required this should be by appointment only and back to back viewings should not take place.

Open house viewings are not permissible and where possible, a properties occupier should vacate the property whilst viewings are taking place – if it is not possible for the occupier to vacate, they should make efforts to minimise contact with those viewing their home.

The property should be thoroughly cleaned before and after a viewing goes ahead and social distancing should be maintained at all times.

HMOs

The guidance also covers property viewings of rooms in houses of multiple occupation (HMOs) and other shared accommodation settings that share a bathroom, kitchen or both.

The full, detailed guidance can be found below.

updated 29th July 2020

There is a lot of discussion at the moment on proposed changes to Capital Gains Tax

(see information about CGT here)

Tudor Chartered Surveyors are following the debate and will report here on likely changes which may be introduced at the next budget

Speculation is mounting that Capital Gains Tax could, for the first time, be applied to gains made when owners sell first homes, not just buy to let or holiday properties!

Chancellor Rishi Sunak has asked the Office of Tax Simplification to review CGT, with a consultation now underway and any changes scheduled to be announced in the autumn statement in November.

The expectation is that CGT will be changed to gather more revenue for the government, which is cash-strapped following emergency expenditure over Coronavirus.

CGT is already 10 per cent higher for the sale of buy to lets and second homes - at 18 per cent and 28 per cent for basic and higher rate taxpayers - than it is for investments. And in April HMRC changed its rules requiring UK residents to submit CGT returns, and pay any tax due, within 30 days of completion of a property sale.

Private residence relief means that nobody pays CGT if they sell their owner occupied main home for more than they bought it; this is worth around £26.7 billion according to the National Audit Office.

Read more about this in Estate Agency News here

We will be monitoring the debate and consultation process and will report on the changes as they become clearer.

As Chartered Surveyors we have helped many clients with retrospective 'red book' valuations for CGT purposes. If you want more details on this service, please contact Stephen Tudor.

Updated 20th July 2020

From 27th July 2020 the Land Transaction Tax LTT rates in Wales will change, the threshold is lifted from £180,000 to £250,000. This change will be held until 31st March 2021 and then extended to 30th June 2021. This has now ended.

The timing of the change ties up with further restrictions being removed from the housing market that currently prohibits the viewing of occupied residential properties. (Occupied properties can be viewed from 27th July).

Welsh Government say that with the main zero rate threshold being lifted, this will mean that 80 per cent of homebuyers will now not pay tax. It was previously at 60 per cent, with Wales being the only country in the UK that had a starting threshold higher than the average price of a home. The new threshold is £70,000 higher than their current starting threshold for residential property transactions and will mean that only around 20 per cent of those liable to the main LTT rates will pay any tax.

Anyone buying properties that cost more than £250,000 will make a saving of £2,450 over that which would previously have been payable.

These changes will not, however, apply to those buying property that is liable to the higher rates. The rates and thresholds for buyers of residential property as an investment or as a second home remain unchanged. Welsh Government Minister said "This targeted tax reduction will support taxpayers who are paying the main rates of land transaction tax (broadly, those buying their homes) and who may need additional support due to the pandemic"

This means that anyone buying a second residential property will pay an additional 3% 4% (from January 2021) on top of the above stated rates ( see second column above 'LTT 2nd Property')

The Welsh Government Statement is available here

updated 25th August 2021

UPDATE FOR BUYERS, SELLERS and for TENANTS

The Welsh First Minister, Mark Drakeford, has suggested that there will be further housing market lockdown easing later this month.

His announcement has acknowledged the economic importance of restarting the housing market and signalled an intention to allow viewings of occupied properties from July 27, as long as current trends on infection rates and public health continue.

We continue to monitor the guidance issued by our professional bodies RICS, ARLA and NAEA along with the advice and regulations published by the Government.

Please refer to our valuation and viewing protocol here

UPDATE FOR BUYERS, SELLERS and for TENANTS

From 6th July travelling restrictions have been lifted by Welsh Government which removes the 5 mile limit on non-essential travelling

Our Office door is now open (from 22nd June - the first day allowed by Welsh Government) and our opening hours have been extended back to our usual 9am to 5.30pm.

However,  the on-line services developed before and during lockdown will continue and are available 24/7.

Regulations now allow us to carry out viewings of vacant properties and these are strictly by prior appointments only, and must follow physical distancing guidance and keep good hand hygiene. 

Prospective tenants must complete our pre-application form prior to making the appointment. - see here

We continue to monitor the guidance issued by our professional bodies RICS, ARLA and NAEA along with the advice and regulations published by the Government.