‍TUDOR

Estate Agents, Chartered Surveyors &
property Managers

tudor e-newsletter

For

Friday, 11 August 2023

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‍This e-newsletter is published for specifically for our buyer and seller audience.
We have another e-newsletter for Landlords, Tenants and Property Management Issues.

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Our e-newsletters are also published in Welsh - please register for the Welsh version by replying to this e-newsletter.

Cofrestrwch i dderbyn yr e-gylchlythyrau yn Gymraeg trwy anfon ateb i'r e- gylchlythyr yma - diolch.

New Instructions and sales

Our property sales team are busy with numerous sales being agreed and progressed through to exchange of contracts and to completion.

The property market is hotting up and we have seen a marked increase in activity, on our web site and on enquiries received through property portals that we subscribe to such as 'Rightmove' and 'On the Market'.

Tudor Company Secretary Catrin said "I am delighted to see so many new instructions with fabulous choices of properties across all sectors of the market."

‍There is a great selection of properties in our 'recent instructions section' with a delightful rural bungalow with spectacular views, gardens, grounds and letting caravan in Aberdaron and an elevated dormer bungalow with delightful gardens and grounds with spectacular views and a letting chalet in Rhoshirwaun.

There is a charming fisherman’s cottage close to the beach and golf course in Morfa Nefyn. This could be your dream property having been tastefully refurbished, ready for immediate occupation and is definitely worthy of inspection.

On the market for the first time this morning is a detached farmhouse in the heart of the Llyn Peninsula with extensive accommodation, garden, grounds and ample parking. Be the first to view!

How about a modernised and superbly appointed sea front townhouse in Pwllheli with spectacular sea views from the south facing balcony, or a spacious bungalow on a small cul-de-sac in Abererch with three bedrooms and rural aspect.

In the pipeline of properties to come on the market there is a project property in Morfa Nefyn and also agricultural land on the outskirts of the village – please register your interest so that you can receive details of these properties, and more, when they are placed on the market, this can be done here.

We feature properties on our web-site immediately when instructions are confirmed, and this is 24hours before they will appear on Rightmove and On The Market. So stay ahead by subscribing to our on-line service! 

See our recent Instructions - For Sale and Letting here

Please read our viewing and valuation protocol so that we can have a safe and productive property visit, be it for buying or selling!

‍Properties of the week

‍Click on the photograph for more information...

Instruct us to have your property featured here!

Tudor - Valuation and Viewing Covid-19 Policy and Protocol

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.

From these Guidance and Regulations, we have set out our strategy and protocols for the safe conduct of our business, to protect our customers and staff.

Estate and Property Letting Agencies in Wales were allowed to open from 22nd June 2020. This is later than regulations allowed in England.

Tudor Estate Agents remained open (virtual office) throughout the lockdown and we have now re-opened our office door.

We are now allowed to arrange viewings of vacant unoccupied properties and these are strictly by prior appointments only and must follow physical distancing guidance and keep good hand hygiene. 

From 27th July we will be allowed to arrange viewings of occupied properties but again these must be by prior arrangement and must follow physical distancing guidance and keep good hand hygiene. 

During the lockdown we helped many clients by providing desk-top valuations for a variety of purposes including family transfer, CGT and Probate. If you would like assistance on any of these please contact our office to arrange a confidential consultation with Stephen Tudor 

Read more about our Viewing and Valuation Protocol here

‍Proffessional Services

‍There is an important change to Property Tax in Wales, that differs from the changes announced for England. It is important that buyers are aware of these differences at the start of negotiations so that there are no unexpected financial implications found at the end of the purchasing process.

We hope that the following information will be of assistance if you are a buyer or seller.

Our web site is packed full of useful information for Buyers, Sellers, Landlords and Tenants.

see here

Changes to Land Transaction Tax (LTT) Wales - from 27th July 2020

(LTT was previously known as Stamp Duty)

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.

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 a main residence (and do not own another property) 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% on top of the 'normal' LTT  

Read more about the various rates of tax here

Another area of property tax that is being looked at by Government is Capital Gains Tax with a statement due in November 2020.

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

Stephen Tudor - Chartered Surveyor said that "reform of this unfair tax on inflationary increases in property values is long overdue but this burden should NOT be transferred to the sale of a person's main residence. This would be disastrous for the property market with sellers finding themselves locked into their existing properties and unable to move to more suitable accommodation"

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.

Estate Agents, Chartered Surveyors and Property Managers

Consult us for all property matters:
Valuation, sale, letting, management & plans.  ‍

‍RICS Client Money Protection Scheme (CMP)

01758 701 100       post@huwtudor.co.uk‍

Future Topics

Through these e-newsletters we will share information and useful advice about property taxes such as Capital Gains Tax, Inheritance Tax, Land Transaction Tax (LTT) (Stamp Duty), Non-Domestic Rates and Council Tax.

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We will also publish available properties for sale and to rent on our web site and through these e-newsletters before they appear on Rightmove or On the Market - so be ahead of the game with TUDOR.

About this tudor e-newsletter

This e-newsletter is sent to on the e-mail registered with us  and in accordance with our 'privacy and data protection policy'.

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‍Medrwch ddadgofrestru I dderbyn y wybodaeth yma. Neu ANFONWCH atom os ydych angen derbyn yn yr iaith Gymraeg. Byddwn yn gwarchod eich manylion personol yn unol â pholisi protocol ein Cwmni.

The information in this e-newsletter does not constitute specific advice or recommendation and is for your general interest only. You should perform your own research and seek professional advice before making any decision to purchase or invest in property.

‍H Tudor A'i Fab Cyf. Trading as Tudor - Chartered Surveyors & Estate Agents is a Registered Company No. 05722702. Registered address Plas Y Ward, Y Maes, Pwllheli, Gwynedd. LL53 5DA.
 

www.huwtudor.co.uk