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Home Information Packs- Hips the Latest News
13th May 2008
To the relief of all those involved in the property industry, the Government recently announced that it would extend what is termed as First Day Marketing, until the end of December 2008. What this means is that, until the end of this year homes can be marketed as soon as a HIP has been commissioned and not as was proposed only once a HIP was in the possession of the estate agent.
HIPs have now been part of the house selling process for 9 months, the aim of the HIP is to speed up the house buying process – something most Agents would suggest has not happened, and, of course to provide information on the energy efficiency of the property - an area we are all becoming increasingly aware of.
For further information on Home information Packs please visit www.homeinformationpacks.gov.uk or contact your local McCartneys office. -
Declining Market – Alarming Reports
1st May 2008
The latest Royal Institution of Chartered Surveyors (RICS) survey, showing price falls more widespread than at any time since 1978, is further confirmation that house prices in the UK are now declining after a decade-long boom. Other surveys, such as those from lenders including the Halifax and the Nationwide, have reported recently that prices are now lower than they were a year ago. Rics said that regions where prices had still been rising until recently have now been caught up in the general decline.
Even for an Agent with the most positive of attitudes we have to respond to the economic climate and advise our clients accordingly. With the news as gloomy as it is, people still wish to or have to move. The market will undoubtedly be tougher this year but with sound, realistic advice we are still confident that we can ensure our clients have the best possible chances of selling. It is now a buyers market and so buyers who can proceed with a purchase are more important than ever, so we have to look after those as well as looking after our vendors. What the market lacks most is confidence but with a down to earth approach to value, and an understanding of what our clients need, we can make sure that the market keeps moving in these difficult times. -
McCartneys Announce New Members
10th March 2008
McCartneys are pleased to announce the appointment of two new members. Tom Carter and Michael Thomas are joining the partnership as associate members.
Tom, who’s 25, is manager of McCartneys’ Newtown Property Shop. He’s been with the company for just under three years and as well as being an estate agent is a qualified domestic energy assessor.
Michael is 28 and joined McCartneys from school some 11 years ago, after doing a week’s work experience with the company. He’s an auctioneer, based at the Ludlow livestock market.
“We’re delighted Tom and Michael have joined the partnership,” said McCartneys chairman, John Uffold. “They each bring very different knowledge and experience to the company. As we look to strengthen McCartneys for the future it’s good to have them on board.”
Picture attached shows – from left to right - Michael Thomas, John Uffold, McCartneys Chairman, and Tom Carter.
For further information please contact Rachel Ammonds at McCartneys on 07971 331809 -
Open Tax Seminar
11th February 2008
McCartneys and Baker Tilly would like to invite you to an
Open Tax Seminar
On Thursday 21st February 2008 at 7pm
At Ludlow Football Club
Topics covered will include Capital Gains Tax, Inheritance Tax and
Pre-budget reviews.
The speakers will be Peter Strevens and Claire Willets from Baker Tilly and John Uffold from McCartneys.
Peter Strevens is a Chartered Accountant who has lived and worked in Herefordshire for nearly 40 years. He has spent his professional life advising farmers, landowners and trustees in relation to financial, accounting and taxation matters. He now works on a part time consultancy basis for Baker Tilly, having been a partner and chairman of the firm’s agricultural group.
Claire Willets is a tax partner who has lived in Worcester for nearly 10 years. She has advised clients on a range of corporate tax issues to help maximise opportunities, including providing capital allowance planning for property businesses, as well as advising farmers and landed estates. In 2007 Claire transferred from our Baker Tilly office in Birmingham to Hereford, where she is now based full time.
John Uffold is chairman of McCartneys LLP and partner in charge of Ludlow Livestock Market. He is a member of The Royal Institute of Chartered Surveyors and a Fellow of the Central Association of Agricultural Valuers and carries out a full range of rural professional work from tax valuations to partnership disputes as well as his auctioneering duties.
We hope you can join us for this event,
where light refreshments will be provided. -
All Change
1st February 2008
On 9th October last year Mr Alistair Darling set out on a journey to raise more money for the Exchequer by changing the allowances available for Capital Gains Tax. The changes were, I am informed, in part an attempt to catch the private equity bosses who are able to treat Capital Gains Tax as income thus paying significantly less tax than us lesser mortals. However, in reality what was proposed was a blanket taxation catching people from all walks of life.
But it’s all change. Due to considerable pressure from varying quarters Mr Darling has recently outlined a “Entrepreneurs Relief” which gives some breathing space for property and businesses owners alike.
In brief the Chancellor will tax gains of up to £1 million at 10% with gains over and above this figure at the new proposed standard rate of 18%. This relief is available for agricultural land owners, business owners and investors - full details may be obtained from the website - www.hmrc.gov.uk/cgt/disposal.htm
So, a sigh of relief from all concerned but as is always the case there are some worse off – Landowners and Farmers, and some better off - the Taxman.
Under the current taxation system there is little or no tax to pay on agricultural land sales (unless the land is sold for development) due to indexation, which takes into account inflation. However under the proposed system this will end with tax becoming payable on any gain inflationary or otherwise – at the Entrepreneurs’ Relief rate of 10%.
So if there are any landowners out there thinking of selling in the near future it would be prudent to speak to your Accountant and Agent as a matter of urgency. Perhaps you should consider selling before April 6th!
If you require advice on this matter please contact your nearest McCartneys Office or ring me on 07702 722905. -
Historic Townhouse Comes on to the Open Market
3rd December 2007
McCartneys Estate Agents have been favoured with the instructions to sell numbers 6 & 7 Mill Street, Ludlow, Shropshire. The Grade II Listed properties are currently occupied by Lanyon Bowdler Solicitors. Following Morgans Solicitors’ successful merger with Lanyon Bowdler in May of this year the firm is relocating to brand new premises on Ludlow Business Eco Park.
Colin Spanner, Partner of Lanyon Bowdler said, “Our move to the Eco Park is scheduled for early summer next year and whilst we will be very sad to leave our premises on Mill Street the move to the Eco Park offers us the opportunity to expand our business further. Lanyon Bowdler are committed to continuing to serve the needs of our commercial and private clients in Ludlow and further afield and the new premises ensure easier access for our clients, a better working environment for our staff and a greener future for us all!”
Debbie Anderson of McCartneys said, “The sale of 7 Mill Street is a rare opportunity to acquire a substantial and historic Townhouse in the heart of Ludlow. Grade II Listed the property dates back to early 18th Century and retains much of its original character. Whilst it has been used as offices for well over a hundred years the fundamental layout and features of the property are still in place and it has delightful walled gardens to the rear. Planning permission has been granted for change of use to residential and I am confident that 7 Mill Street will become the grand Townhouse it once was. The neighbouring property number 6 Mill Street is also available and could provide valuable annexed accommodation to the main house.”
For further details please contact Debbie at McCartneys on 01584 872153. -
Leaders of the Pack
3rd December 2007
McCartneys are celebrating winning a major new contract to provide hundreds of Energy Performance Surveys for South Shropshire Housing Association.
The surveys are required for Home Information Packs (HIPs) and include an Energy Efficiency Rating, unique to each property. Surveyors inspect and record all aspects of the heating and hot water systems, looking at what measures are in place to minimise heat loss, such as roof insulation and filled cavity walls. They also make recommendations for improvement.
McCartneys have a team of qualified energy surveyors working throughout the Welsh Marches and across the four counties of Shropshire, Powys, Herefordshire and Worcestershire in both the private and public sector. They will provide South Shropshire Housing Association with around 600 Energy Performance Certificates.
Paul Sutton, Managing Director of SSHA, said, “The partnership with McCartneys in assessing our stock under the Energy Performance Certificate scheme has been a great success and places the association in an excellent position to provide EPCs to all its properties at time of letting or sale. I am particularly struck by the diligence and professionalism shown by the McCartneys team, which had a major bearing in the outcome.”
McCartneys Property Chairman, Wyn Jones, commented, “We were delighted when McCartneys won the contract from this major Housing Association for the provision of energy surveys which cements our position as the premier team of energy surveyors in this area. Such is the workload that McCartneys are continuing to grow the surveying team with another three energy surveyors passing their examinations only last week.”
Wyn Jones continued, “It is the Government’s intention to expand the requirement of Energy Certificates – both in the residential and commercial property fields. Indeed energy certificates are a European Regulation, so even if future UK Governments remove the HIP requirement, the need for an Energy Performance Certificate will remain. McCartneys, as the foremost property professionals in this area, are ready with our specialist and qualified team to meet the needs of the local residential and commercial property owner.”
If you are a solicitor or private individual and you require an Energy Performance Certificate please ring 01584 871924 or e-mail hips@mccartneys.co.uk for a quick & professional quote from a dedicated team of Energy Assessors with in excess of 650 surveys under their belt already.
The picture below is showing Simon Smith, property manager at McCartneys (on the left) with Paul Sutton, Managing Director of South Shropshire Housing Association -
A Load of Hot AIR?
23rd November 2007
Whilst most of us in the property profession were assuming that the Government would delay implementing the next stage of the Home Information Packs (HIPS) Ms Yvette Cooper, Housing Minister, took us all by surprise by announcing on Thursday that as from the 14th December 1 & 2 bedroom properties would require a HIP.
This means that from December this year all residential properties placed on the open market will require a Home Information Pack (HIP), which includes the Energy Performance Certificate (EPC).
At present the Home Information Pack must be ordered before a property can be placed on the open market however, the recent announcement also states that from 1st June 2007 residential properties cannot be placed on the open market and advertised for sale until the Home Information Pack is in place.
Whilst there has been a considerable Government PR campaign regarding HIPS and the sale of residential properties not many people are aware of other developments, for example: -
· From 1st October 2008 any residential property offered “To Let” must have an Energy Performance Certificate.
· From 1st October 2008 all commercial properties offered “For Sale or “To Let” must have an Energy Performance Certificate with some larger buildings requiring an EPC as soon as 1st July.
I understand that stringent rules apply and that non-compliance can result in a criminal conviction plus swinging fines.
I cannot understand why this country applies these EU Directives with such vigour and employs vast numbers of people in Government departments to enforce the rules. Just take a look at the agricultural sector have you ever seen such ill thought iniquitous regulation regarding the Foot & Mouth and Blue Tongue outbreaks. Compare us to other EU countries do France and Italy let alone Lithuania and Latvia enforce EU Directives with such energy?
Another Government announcement included the recent statement by our Prime Minister that Britain will have to increase significantly the proportion of energy from renewable sources and that meeting the targets would require more offshore and onshore wind farms, greater use of energy derived from waste, a major expansion of energy from biomass and much greater use of microgeneration – including solar power. Further, he stated that “it will be for the private sector to make the necessary investment but the Government will do more to remove the planning and other obstacles that are currently holding renewables back”!
With specific reference to Wind Farms Gordon Brown stated : "I recognise that wind farms and other new energy installations are often seen as a burden on the local communities living near them, while the benefits go to society at large. So I want to explore how local communities can themselves benefit from the economic opportunities they create."
Is this a precursor to a change in direction by the Government? Are they looking to relax planning restrictions on windfarms and go down the route of Community owned energy generating projects? Hmm, I think we had better wait and see. -
Taxing Times Ahead
16th October 2007
Some say it was in response to his opposite numbers announcement in the Tory Party conference others say he had it planned all along. In reality it matters not. What does matter is that Alistair Darling has signalled a significant change in the Government’s capital taxation policy.
The more pertinent changes to the everyday household are: -
Inheritance Tax (IHT). The old rules on Inheritance Tax stipulated that the value of anyone’s estate above £300,000 was taxed at 40% the only noticeable exception being the transfer of assets between married couples and civil partners. The recent change means that although the £300,000 threshold has not increased, married couples or civil partners will now be able to transfer the unused element of their inheritance tax free allowance to the spouses when they die giving the remaining spouse the equivalent of a tax-free allowance of £600,000 on their death. This change is as a direct result of the significant increase in property values, which now brings the “ordinary” household into a tax position, which was originally meant, for the very rich. However this change only formalises what many couples had already addressed by the creation of a “Discretionary Trust” within their will. It does mean though that it saves you having to “jump through hoops” and it allows more freedom than a trust would have. So the change effectively doubles the tax-free amount couples can bequeath their children. It is noticeable however that the Chancellor has chosen to omit both widows/widowers and divorcees in this change of rule.
Capital Gains Tax (CGT). Previously when individuals sold certain assets e.g. second homes the profit that they made was liable to tax at a rate of up to 40%. As from the 6th April this has changed to a flat rate of 18%. Again prudent tax planning utilised “taper relief” which could have resulted in a reduced liability of only 10% so again the headlines read better than the small print.
Looking specifically at the second home market there are two opposing camps. As the gain on the second property will now be taxed at the rate of 18% (once the allowances have been taken off) and not 40% there is the view that this change will lead to a significant increase in the number of second homes being bought, as the tax implications when eventually sold will not be so onerous. However the opposing view is that as the tax on the gain has been reduced from 40% down to18% those people who were thinking of selling, but had decided against it due to the tax liability could very well now decide to put those properties on the market.
And Finally. It appears that Tesco supermarket have suspended the private sales section of their property website and offered a full refund to customers. The decision has come after the Office of Fair Trading told the retailer it was acting as an Estate Agent so therefore would need to abide by the relevant laws.
Tesco claimed that customers liked the site so it is now considering launching a full online Estate Agency service. What they fail to realise is however that the Estate Agent’s job does not finish once the sale has been agreed. In fact as many current house sellers will tell you agreeing the sale of your property is comparatively easy. The hard work starts once you have instructed your solicitor! -
Rural Matters Issue 7 - Autumn 2007
10th October 2007
The latest edition of the McCartneys Rural Matters newsletter is available to view.
