New Stamp Duty Charges announced today, coming into effect from midnight tonight!

If you haven't already heard, today the goverment has announced the following changes to the outdated Stamp Duty charges starting from midnight tonight, see this handy HMRC calculator here for new rates:

http://www.hmrc.gov.uk/tools/sdlt/land-property-results.htm?dates_Transaction=05%2F01%2F2015&moneyResidential=135000&moneyNonResidential=0

These new rates should hopefully save property investors a bit of money, depending on the price you're paying of course!

See governement web page here:

https://www.gov.uk/stamp-duty-land-tax-rates 

Under the new reforms:

• No SDLT payable at all on properties up to £125,000
• The first £125,000 on properties to be free of SDLT
• Then payable at 2% payable on the portion up to £250,000
• Payable at 5% on the portion up to £925,000
• Payable at 10% on the portion up to £1.5m
• Then payable at 12% on the portion over that amount.

2 Bedder in Ampthill for £125k = 5.75% yield

Indigo's had this nice little two bed flat on the market for £125,000 and the details say it was currently renting for £575 per month - that sounds a bit low to me. I reckon the rent could be increased to £600 or £625 per month without too much of a probelm, making a possible 6% gross yield.

Whoever bought this has got a nice little investment in my book!

http://www.rightmove.co.uk/property-for-sale/property-47635145.html

'Right to rent' checks start in West Midlands

Landlords in the West Midlands who fail to check whether prospective tenants are in the country legally will face a £3,000 fine, under a new rule expected to be rolled out across the UK.

So it's looking like all landlords will soon have to check whether a person is legally allowed to rent a property soon, are you prepared for this?

At 1st House Lettings our referencing will include these checks as standard, when (or if) its rolled out nationally, which I'm assuming it will be.

Make sure your letting agent knows about these checks coming soon, otherwise you may face a nasty surprise.

Full story here: http://www.bbc.co.uk/news/uk-england-birmingham-30251741