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Should landlords who buy empty homes be exempt from stamp duty? | Discuss

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Should landlords who buy empty homes be exempt from stamp duty?
27/02/2013
12:47 pm
News @ Tenant Referencing
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The Chartered Institute of Housing has called on the government to make landlords who buy empty homes (to bring them back into use) exempt from paying stamp duty.

 

In its submission to George Osborne, ahead of next month’s budget, the CIH has called on the government to offer an incentive to purchasers to bring back into use some of the 260,000 empty homes in England by lifting the tax.

The CIH said that the policy could turn around 5,000 properties a year with an investment of £50 million, which could create £142 million of economic activity and support 600 new jobs.

The housing trade body added that such a move could cost as little as £2,500 per home for the government.

Although the submission does state that exempted landlords should enter into an agreement to keep any properties let as rented accommodation for a set period, possibly of up to five years.

  • Should landlords who buy empty homes (to bring them back into use) be exempt from paying stamp duty?
  • What other incentives (to get empty homes back into use) would you like to see?

Whatever your views are on the matter please share them with the LRS community.

 

Related topics:

27/02/2013
1:09 pm
SamiiB
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27/02/2013
1:18 pm
Mary Latham
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In my opinion this would be a really good incentive for landlords.  Most of the properties that have been empty for some time will need a lot of money spent on them before they can be brought back into use and local authorities have no money.  It would also be a good idea to exempt these properties from Council Tax until they are fit to let.  Many local authorities have removed the exemption or reduced it from next April and this is a kick in the teeth for the many good landlords who are investing in upgrading properties before they let them.

 

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27/02/2013
1:20 pm
@EmptyHousing
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Should landlords who buy empty homes be exempt from stamp duty?

yes,it's an incentive that stimulates the market. Well worth it in the long term esp when you consider the lost council tax £

27/02/2013
2:35 pm
PaulBarrett
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Whatever it takes to get empty homes NOT empty.

It is a national scandal that there are so many empty homes when we have tenants in council TA; at great cost to the council tax payer.If those homes are run down; then do them up and therm force tenants in London on TA to move to those refurbished properties in the North.

If these 'London' tenants don't like the idea of moving to some newly refurbished property in a Welsh mining town; tough!

The obligation to house is NOT and should NOT be where these tenants or homeless have a 'local connection'

They move and then create a new 'local connection'

If they don't wish to move then all TA benefit is stopped and the tenants have to source rental property that their benefit circumstances allow.

Inevitably this will mean defacto moving out of London.

So I say to HB tenants you will be forced to move away from the 'bright lights'; hopefully to some of the 790000 empty homes that will have been recently refurbished by LL having been assisted with various schemes to get these properties back into the letting or sale market.

This will be a win win situation for all parties involved in the process; not least the tenant who will be in a property modernised to decent standards and out of  cramped TA.

Of course it will mean the tenants will have been in domestic upheaval; just like occurs to people who work and have  to move to where they can afford.

Of course tenants will want their their status quo to remain the same as it always has.

Tough in case they hadn't noticed this country is in economic meltdown; hence the benefit caps, and a good job these caps have come in.

Inevitably the benefit tenant will have to move away from unaffordable areas and that is as it should be

Why should a benefit tenant have the same 'lifestyle' as a millionaire in the same street.

If I had my way the benefit cap would be reduced further therefore forcing these tenants to cheaper parts of the country.

There is a totally correct social response to ensure that homeless etc are housed.

That doesn't mean where the tenant wants to be housed but where the govt can place them; if that is the other end of the country then I see nothing wrong with that.

I think LL are the ideal means to bring these empty properties back into use.

 

 

27/02/2013
4:22 pm
LyndonBaker
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Is this my "Year of Agreeing with PaulB"? Shouldn't there be fireworks or a street parade like they do for a Chinese New Year?Laugh

My only caveat would be that there would have to be an agreed minimum period for a property to qualify as empty or we would all buy properties with vacant possession where people have relocated as opposed to properties that have been empty for some time. If councils were serious about housing more people then they would:

a) exempt properties from council tax while they are being refurbished

b) give financial encouragement to turning the first and second floors of empty "high street" shops and offices back into residential accommodation.

27/02/2013
6:08 pm
Paul Routledge
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I don’t think most empty properties that could be let or be starter homes for the people who need them would come within the £125,000 threshold for paying stamp duty.

I think they should make VAT reclaimable in full and that would be a real incentive. I am in the middle of a total refurbishment in Barry in Wales and the materials costs are going to be around £15,000 which means I will have had to pay £3,000 in VAT. That cost cost coupled with fuel costs (£125 to fill up the van) is starting to make these projects close to being unviable.

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28/02/2013
2:20 am
PaulBarrett
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I think it is about time that councils and govt stopped considering LL as the class enemy to realise that given the right encouragement as Paul R and Lyndon B suggest we actually get some movement on getting these empty properties wherever they be back into use.

There is a dearth of capital availability out there and even LL are struggling to resource schemes; with lenders being extremely reluctant to lend to long established and experienced LL.

It seems lenders don't want all their eggs in one basket and consequently prefer to lend to new LL.

This seems counterintuitive to me.

A new LL trying to take on these empty properties is just asking for trouble!

LL who are prepared to invest in these rundown properties should be justly rewarded with assistance to refurbish and then reward in legal title and equity.

There are clearly many ways of achieving the same thing; but I think the LL should be looked upon as a resource to be exploited but with just reward for his efforts being given to LL for whatever period.

28/02/2013
9:33 am
@PropLandlords
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absolutely! Benefitting the community

05/03/2013
11:03 am
@philnetherwood
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#StampDuty Exemption on #EmptyHomes | '.. whatever it takes to get empty homes NOT empty ..' : http://ow.ly/i6aEk  Agree?

What if home empty awaiting probate? Can't give some sellers an advantage over others. 3% threshold is main prob with #stampduty.

05/03/2013
11:35 am
@philnetherwood
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#StampDuty Exemption on #EmptyHomes | '.. it's an incentive that stimulates the market ..' : http://ow.ly/i6aym  Agree?

@LRS_Sponsors No I don't! Need govt to sort out a #tax that skews#property market not make a change that skews it even further.#stampduty

05/03/2013
4:32 pm
LyndonBaker
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@philnetherwood, exemption for probate varies from council to council and depends whether the property is furnished. Having been through this fairly recently, under the old system it depends to a greater extent on if the place is furnished. Apparently that makes a difference. Fortunately I was the only heir and my father died intestate. Had there been other heirs it could have dragged out for a while until agreement had been reached. Legally until probate has been granted, nothing can be touched in the property so I would be surprised if local authorities do not grant some exemption, even if for a limited period.

13/02/2015
9:13 pm
Patricia A
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Mary Latham said
In my opinion this would be a really good incentive for landlords.  Most of the properties that have been empty for some time will need a lot of money spent on them before they can be brought back into use and local authorities have no money.  It would also be a good idea to exempt these properties from Council Tax until they are fit to let.  Many local authorities have removed the exemption or reduced it from next April and this is a kick in the teeth for the many good landlords who are investing in upgrading properties before they let them.

 

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Mary... An old topic i know. But still valid. I so agree on both counts. We have just spent nearly 3 months , in between emergency jobs for tenants and other stuff,  refurbishing 3 flats with new heating, kitchens etc. We have rented one flat, have one is in the process of renting and one more flat to do and have been paying council tax on them all even though we could not possibly rent them out until they were done. 

We did think about taking the roofs off at one point.Wink But not sure if the old E council tax rate still exists ? 

13/02/2015
10:48 pm
ringi
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I would much rather that ALL spending on the property be allowed to be offset against income for tax if the property had been empty for more then x years when I purchased it.

E.g. if I put central heating into a property that does not have it, I can't offset the cost against income under the present rules.

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