The new stamp duty rates for buy to let investors and the cancellation of mortgage relief on buy to let mortgages could put the property market in SW London back into winter? The possible effects of this raising of more tax from the property sector are:
The rising awareness of the economic power to those, who hold the benefit of restrictive covenants on land and property is not to be underestimated. Restrictive covenants, which were often imposed prior to Town & Country Planning and Building Regulations legislation being imposed, are now often considered to be:
The ultimate authority is the Upper Tribunal (Lands Chamber) who can decide to lift or modify restrictive covenants under applications made to them under Section 84(1) of the Law of Property Act 1925. Such applications can be expensive for both sides but they can provide the basis for a negotiation for both sides to be reasonable and “come to terms”.
For further information on these issues and any other property valuation matter, contact Michael Tibbatts MRICS MEWI at Scrivener Tibbatts – email: email@example.com.