London Economy

P A G E | 1 3

The city is a global leader and is one of the world’s leading financial centres for international business, renowned for its services industry, specifically financial services.

London’s economy is worth around £487 billion, approximately 25% of the annual Gross Value Added (GVA) of the whole of the UK.

London is expected to grow strongly in economic terms with 6.2% growth forecast for 2021 and 6.9% in 2022.

London was ranked the world’s most magnetic city for the 9th year in a row by the World Economic Forum in 2020, despite the COVID pandemic and Brexit. The rating is based upon its ability to attract people, capital and global businesses. The city increased its score in 2020, pulling away from New York, which is in second place.

P A G E | 1 5

PURCHASE PROCESS

RESERVATION

Reservation agreement completed and a £2,000 reservation fee paid, which forms part of the purchase price

SOLICITORS INSTRUCTED

Solicitors instructed, legal pack sent out & Anti-Money Laundering process completed

EXCHANGE OF CONTRACTS

15% of the purchase price is paid to the solicitor & contracts exchanged within 28 days of reservation

LEGAL COMPLETION

The balance of the purchase price is paid, the purchase process completes and Title Deeds are registered with the UK Land Registry

P A G E | 1 7

FREQUENTLY ASKED QUESTIONS

What is the address of the development?

142-144 Midland Road, LU2 0BL

How many apartments are there?

There are 49 apartments in total.

Is there a building warranty? Yes, there is a 10-year new build warranty.

Can I buy with a mortgage?

Yes, you can apply for a mortgage, however, we cannot guarantee mortgages and they are subject-to-status.

When is the development due to complete?

The targeted completion is from May 2021.

How long is the Lease?

The Lease is for a period of 250 years.

How much is the ground rent?

The ground rent is 0.1% of the purchase price.

How much is the service charge?

The estimated service charge is an average of £704 for a 1-bed and £945 for a 2-bed

Who can manage my property?

We would recommend our parters, JH National, who can provide a fully managed service including insurance for non-payment of rent from 8% + VAT.

Will I have to pay Stamp Duty Land Tax?

Yes, please check with https://www.gov.uk/stamp-duty-land-tax to find out how much you will need to pay.

Will I have to pay tax on my rental income?

Yes, rental income is taxable, however, we would recommend you speak with a tax advisor to ensure that your investment is tax efficient.