Mendip Living Oct - Nov 2020

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ADVERTISING FEATURE Time to get moving what the current drop in Stamp Duty Land Tax means for you If you purchase a residential property between now and 31 March 2021, you only start to pay Stamp Duty Land Tax “SDLT” on the amount that you pay for the property above £500,000... These rates apply whether you are buying your first home or have owned property before, but it does have to be your only property at that time. Companies and individuals can benefit from the reduction, so long as they are buying residential property. SDLT applies to both freehold and leasehold properties – whether you’re buying outright or with a mortgage. NEW RATES UNTIL 31 MARCH 2021 Property value Up to £500,000 SDLT rate Zero The next £425,000 (the part from £500,001 to £925,000) 5% The next £575,000 (the part from £925,001 to £1.5 million) 10% The remaining amount (the part above £1.5 million) 12% Example If you buy a house for £575,000, the SDLT you owe is calculated as follows: • 0% on the first £500,000 = £0 • 5% on the final £75,000 = £3,750 Total SDLT = £3,750 This is a saving of £15,000 based on the SDLT rates that were in place before 8 July <strong>2020</strong>. You can use the Government’s SDLT calculator to work out how much tax you’ll need to pay. Higher rates for additional properties If you’re buying a second home, you’ll still pay SDLT on any property costing more than £40,000 – paying an extra 3%. Simply add 3% to each of the rates shown in the above chart to calculate how much you will pay. How to pay SDLT Usually your solicitor will deal with the SDLT return and any payment due, although you can do it yourself. As the buyer, you are ultimately responsible for making sure it’s all submitted on time. If the price of your new home is under £500,000 you must still submit a return (unless exempt) even though you won’t need to pay any SDLT. When else is SDLT not payable? There are other circumstances in which SDLT is not payable: • Transfer of property in separation or divorce: If you’re divorcing or separating from your spouse or partner, there’s no SDLT to pay if you transfer a proportion of your home’s value to them. • Transfer of deeds. If you transfer the deeds of your home to someone else – either as a gift or in your Will – they won’t have to pay SDLT on the market value of the property. For any questions about SDLT, a conveyancing quote or any questions relating to residential property, please get in touch with Forrester Sylvester Mackett’s Central Frome office. Residential property expert, Joanne Ayrton can be contacted on joanneayrton@fsmsolicitors.co.uk or 01373 485485, or visit www.fsmsolicitors.co.uk. 40 | www.mendipliving.co.uk
Residential property at our central Frome office We can offer expert advice on all of your residential property legal needs, including: • Selling or buying your home • Shared ownership agreements • Re-mortgaging • Transfer of equity Contact your local residential property expert: Joanne Ayrton on 01373 485485 CHIPPENHAM FROME MALMESBURY SWINDON TROWBRIDGE WARMINSTER 01249 444300 01373 485485 01666 822671 01793 522688 01225 755621 01985 217464 www.fsmsolicitors.co.uk enquiries@fsmsolicitors.co.uk
Page 3 and 4: Contents A Note from the publisher
Page 5 and 6: ADVERTISING FEATURE Meet the FROMIE
Page 7 and 8: SHOP ONLINE VISIT SOPHA.CO.UK INTRO
Page 9 and 10: CONTEMPORARY NEW HOMES NOW FOR SALE
Page 11 and 12: The Bath & West 2021 Mendip Living
Page 13 and 14: in Bath SPECIALISING IN CHINESE AND
Page 15 and 16: Why buy a Christmas hamper from Kim
Page 17 and 18: ADVERTISING FEATURE chewing the fat
Page 19 and 20: Recipes and words from James Martin
Page 21 and 22: all the time to prevent it from bur
Page 23 and 24: KEEP ON TRACK The key to these chan
Page 25 and 26: www.mendipliving.co.uk | 25
Page 28 and 29: Environmentally responsible waste r
Page 30 and 31: Keeping you on track All you need t
Page 33 and 34: MAKING A GUEST ROOM W feel like hom
Page 35 and 36: The amazing sofa in a box company S
Page 37 and 38: TIP Discuss your requirements with
Page 39: Farmhouse Bathroom A bathroom renov
Page 43 and 44: NOTES FROM THE GARDEN PLANNING next
Page 45 and 46: RETIREMENT Time for a change post-C
Page 47: The Fireplace Fitters Shop Supplier

Mendip Living Oct - Nov 2020

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