November News Letter

Written by Pymm & Co

We are OPEN through Lockdown #2

Both our Sales and Lettings departments across our three offices will be open during lock down from the 5th November to 2nd December as per the announcement from the Housing Secretary, Robert Jenrick. ‘Housing market update ahead of Thursday’s measures: Renters & home-owners will be able to move; Removal firms and Estate Agents can operate; Construction sites can and should continue; Tradespeople will be able to enter homes.

We are committed as a business to fight against the Coronavirus and we will be following all guidelines to keep staff and public alike safe. For more info click here.


With the stamp duty holiday until 31st March 2021 landlords are taking advantage of Stamp Duty relief. Due to the Stamp Duty holiday purchasers are only paying 3% on second homes and buy to let properties. With interest rates being at a historic low, it’s the perfect time to see a great return on your investment. We are of course happy to estimate rental yields on any property of ours, or of any other agents, to demonstrate to you how investing your money into property works and the returns that it can generate.

Save Money on Your Buy To Let Mortgage Costs

With Bank of England base rate being currently so low at 0.1% there are some fantastic mortgage deals available for landlords. See below:
Re-Mortgage – Buy to Let Mortgage Deals from 1.24% for a 2 year fixed rate with free basic legal fees and mortgage valuation.

Property Purchase – Buy to Let Mortgage Deals from 1.19% for a 2 year fixed rate.

Want to learn more? Contact Pymm and Co to book a no obligation review with our sister company, Broadland Consultants Independent Mortgage & Financial advisers.

Mortgage products subject to, LTV, lending booking fee, to understand more please request an illustration for your specific circumstances. Please note that the above information is correct as at 22/10/2020 Initial mortgage basic review comes at our cost, should you proceed to a formal application a mortgage broker fee is payable. Mortgage rates are subject to status, and your specific personal/financial circumstances. Mortgage products are subject to change. You must maintain payments on debt secured against property or your property could be repossessed.

Tenant Demand Out Stripping Supply

Having spoken to many landlords throughout the pandemic it is clear there have been concerns about the effect of Coronavirus and the private rented sector. We are happy to confirm that the market is very fluid with demand out stripping supply. There is a shortage of stock at present and we are finding that this in turn has pushed rental prices up. With interest rates being at an all time low it’s proving to be a fruitful time to be a landlord, offering a very good return. If you need help or advice then please don’t hesitate to talk to our lettings team who can guide you through every stage of the property journey from purchase to rental, management and accounts.


From the 8th July 2020 to 31st March 2021 the government has reduced stamp duty on all property purchases.
Property or lease premium or transfer value – SDLT rate
Up to £500,000 – Zero
The next £425,000 (the portion from £500,001 to £925,000)5%

SDLT on non main residence
Property or lease premium or transfer value – SDLT rate
Up to £500,000 – 3%
The next £425,000 (the portion from £500,001 to £925,000)8%


With the stamp duty holiday less than five months away you would think that this would give ample time to buy and complete on the purchase of a property. With unprecedented demand it is important to work as a team with your purchasers, onward chain, solicitors, and estate agents. Many solicitors and mortgage advisors are asking purchasers to sign a disclaimer to inform them that your sale might not complete in time. Our advice is not only to purchase a property as soon as possible but also keep in contact with your solicitor. In our experience a local solicitor will have a better knowledge of the area which will help with exchanging and completing on your property quicker. Of course, we will chase your sale. Communication is the key to a smooth transaction.


It’s the law since 1st July 2020

It has been law since 1st July 2020 for all new Assured Shorthold Tenancies to have a valid electrical certificate for 5 years. All existing assured shorthold tenancy must have a valid electrical certificates from 1st April 2021. If we manage your property for you we will be in touch to organise this certification for you. If you look after your property yourself then please make sure you have left ample time to get your property tested and any remedial works rectified by 1st April 2021.


With so many changes on the legalities of letting a property, it is sometimes difficult to keep up with what is expected of a Landlord. Although sometimes it can feel that the requirements are never-ending, they are in place to protect you as a Landlord and to ensure the property is safe for your Tenants too. Our Property Management Team not only handle any maintenance issues but also check that all certificates are in place and arrange works where required. We are always here to offer advice and if you are a ‘Let only’ landlord who would like to check that you are fully compliant, our experienced team of Property Managers would be happy to help.