Belvoir Property Clinic launches

We have introduced our monthly Property Clinic, which promises to answer many of the questions we get asked in the office.This month we look at tax changes for Landlords.

If you have a question for our monthly Belvoir Property Clinic, please send to info@belvoirandover.com

Q Can you explain the tax changes that have been introduced for buy-to-let landlords as I am about to file my tax return

A This is a question we have been asked a lot at Belvoir, and it’s not an altogether simple one to answer.

The tax changes only apply to individual landlords who let property in the UK, those who let in a partnership or Trustees of a trust directly holding UK residential property. The new tax rules won’t apply to companies or landlords of furnished holiday lets.

In short, the main change being made under the new tax rules, is that landlords will no longer be able to fully claim tax relief on their mortgage interest payments and related finance costs.

Previously, landlords have been able to deduct a number of allowable expenses along with mortgage and other finance expenses from their rental income and just pay tax on the difference. Now however, tax relief on finance costs will be restricted to the basic rate of Income Tax with the restrictions being phased in gradually from 6 April 2017 until fully in place from 6 April 2020.

You’ll still be able to deduct some of your finance costs when you work out your taxable property profits during the transitional period. These deductions will be gradually withdrawn and replaced with a basic rate relief tax reduction.

Tax year	Percentage of finance costs deductible from rental income	Percentage of basic rate tax reduction
2017/18	75%	25%
2018/19	50%	50%
2019/20	25%	75%
2020/21	0%	100%

We would advise you to take some professional advice regarding how this will affect you based on your particular personal circumstances. There is also more information on the full impact of the changes and case studies published by HMRC which can be accessed on www.gov.uk

Downsizing for Retirement

New research suggests that in the UK, 5.7 million people are considering moving to smaller homes. With the population getting older, many of these will be those downsizing for retirement, either to release equity from their home or to live in a smaller, more manageable property. 

We look at what should be considered when planning this move:

Moving away
Many of those downsizing may also look to move location; to be closer to family or to realise a retirement dream. Think carefully about the impact on your lifestyle and social circle by moving away. Also consider the local amenities, the proximity of shops and the doctor’s surgery, local transport and access to the types of hobbies or clubs that you are interested in. You may want to move to somewhere you have previously only visited when on holiday, so do try and view things through the eyes of a resident rather than a tourist and stay there out of season before making any life changing decision.

Travelling in retirement
For many people, downsizing is a means to releasing equity tied up in their home and you may wish to fund some travel plans. If you plan to be away from home for a considerable time you could rent out your home and earn an income from it during your travels. Here at Belvoir, we can advise on all aspects of letting out your home and can manage it all in your absence.

Cost of moving
Make sure you factor in all the costs of moving as it can be an expensive business. You need to include Estate Agents selling fees, legal costs, removal costs and stamp duty. Quotes for each of these can be obtained in advance so you are fully aware of what you need to allow for.

Starting a new business
It may be your dream to start your own business once you retire. Take time to thoroughly research the business of your choice. Speak to others in the same trade and check out competition in the area. It may be advisable to discuss your plans with an accountant or other business experts and seek out all help and advice that’s available to you.

Positive outlook
Once you have decided on a new location and have started looking for a new home, it is only natural to consider what you are leaving behind. You may have lived in the same house and place for a long time and adjusting to a new property and new area can seem daunting but try and keep a positive outlook on the whole process – this is the start of a new adventure!

Whatever course you decide to take, the key to successful downsizing is to think every element through carefully and not to rush into making the decision. If you are at the early stages of your planning, one of our experienced team can visit your home and give you a market valuation so that you have a figure to work with as you progress your plans. Please pop in and see us, call us on 01264 366611 or email sales@belvoirandover.com

No Deposit? No problem!

Belvoir is now offering a Nil Deposit Scheme for new tenants

Here at Belvoir, we know that it can be a struggle to raise a large deposit to put down on a rented home, so our new Nil Deposit Scheme offers an alternative option which will allow you to move quickly and easily into your chosen new home. 

Rather than paying the usual six week’s rental as a deposit, you can now choose to pay a non-refundable fixed fee of just one week’s rent plus VAT*

At the end of the tenancy, the property will be inspected in the usual way.

No need to save for months for that large deposit – yet another reason to Be with Belvoir!

How does it work? Pop in and see one of our Lettings team to find out if you qualify for Nil Deposit and to understand the full terms and conditions of the Scheme, or call them on 01264 366611


*Terms and Conditions apply

Introducing Vicky Bowman

We are delighted to announce that Vicky Bowman has joined Belvoir as Lettings Manager. Vicky will head up our very successful lettings team and she brings a wealth of experience to the role; having been a Lettings Manager in Andover for over 14 years.

Vicky said 'I am delighted to join such a busy and well-regarded lettings agent and I am looking forward to meeting and working with the many landlords that rely on Belvoir to manage their properties'

Looking after our Landlords with Rent Guarantee Scheme

We are delighted to now be able to offer our Rent Guarantee to all our Landlords. Paid monthly, this unique Guarantee offers complete peace of mind should your tenant default on rent payments.

In the event that a tenant defaults, rent will continue to be paid under the Guarantee whilst the property is occupied and you, the Landlord, will not be out of pocket. In addition, Belvoir will handle the legal process with specialist solicitors to ensure that the tenant is removed from the property. There is no claim process involved and you will not be required to attend at court or instruct solicitors, this is all handled as part of the service.

Without our Rent Guarantee, eviction of tenants for non-payment can be a very expensive and time-consuming process. With it taking typically 6-8 months to gain vacant possession, the cost to a Landlord can be astronomical.

Get in touch and sign up now for the Belvoir Rent Guarantee. At only £22.50 per month, we are recommending that all our Landlords take advantage of this comprehensive protection. 

Valentine's Day Facebook Competition

To celebrate Valentine's Day this year, we have teamed up with our Bridge Street neighbours, Captain's Mezze to offer a fantastic free 3 course meal for two on 14th February. 

To enter the draw to win this fab prize, simply visit our Facebook page and find any of the competition posts. 

To bein with a chance of winning, you must:
1. Like our Facebook  page
2. Like Captains Mezze Facebook page
3. Share any of the competition posts before midnight on 11th February. 

One lucky winner will be picked at random from the eligible entries and the winner will be announced on our Facebook page on 12th Feb. It is that easy!

There are just a few terms and conditions of the offer to note:

1. The meal for two offered is from Captain's Mezze 3 course Valentine's Day menu and is available only on 14th February 2018
2. Drinks are not included in the offer
3. No alternative meals or dates are available

Good luck everyone!

How to prepare your home for selling

Spending a little time preparing your home for prospective buyers to view can not only help sell the property quicker but also help you to achieve the very best selling price

Here's our top tips...


Clean and freshen up
Have a good spring clean so that your home is really seen in its best light. Don't forget to clean windows and freshen up net curtains, bed linen and any other soft furnishings. Remove any stains from the carpets - hiring a carpet cleaner is a good idea for this.

Clean and clear all the kitchen surfaces, cooker, hob, appliances and kitchen floor. Wipe any grease off kitchen cupboards and make sure the sink is bright and shiny. Remove limescale from bathrooms and check that tiles are in good order and grout is clean 

If necessary, consider re-painting rooms in a neutral colour. That vivid coloured feature wall may have been a good idea several years ago but people generally prefer to move into a place that is more of a 'blank canvas'

De-clutter
Get rid of all those piles of 'stuff' that accumulate in every home - find a proper place for it all, sell it or take to the charity shop. If you have too much excess furniture, boxes or bags, consider putting some items in storage for a short period

Don't just throw it all in a cupboard - it will be better for viewers to appreciate how big the under-stairs cupboard is than have it piled to the brim with all your possessions

Make sure that there is space in each room for viewers to be able to be able to walk around and envisage how it would look with their own belongings in there 

Tidy up the garage and shed - they often get forgotten!

Don't be tempted to hide everything away, you need some personal effects to make it look like a home rather than a hotel room

Fix and mend
Make sure everything in the house is in good order. Outside, fix any loose guttering and mend broken fencing, make sure the lawn has been mowed, paths and patios washed and swept, the garden tidy of toys and dog mess. 

Inside, fix all those little things that have broken but haven't yet got to the top of the list for repairing - curtain poles that have pulled off the wall, doors that don't shut properly, light bulbs that don't work...every home has their own particular collection of jobs to do!

First impressions
You really don't have to be baking bread or brewing coffee when people come to view but making sure that the house doesn't smell of animals and ensuring last night's cooking smell has left the kitchen is very important. 

Open windows where necessary and air any rooms that smell a little stale. A scented candle or reed diffuser may also come in handy so your property smells clean and fresh when people walk in the door

Leave the viewings to the professionals
Let Belvoir, the property experts show prospective buyers round your home. We know which of the good things about your property we need to point out. 

Whilst you leave the house for a short while (ideally taking children and dogs with you!), we can answer any questions about the neighbourhood, schools, local amenities etc and we will always make sure we know as much as possible about your home and what you have loved about living there. After the viewing we will also give you the all-important feedback

We can offer help and advice on any particular worries or queries you have regarding preparing your home for sale, so please do ask!