Are you up to date with the latest regulations?
It is becoming more and more challenging for landlords to keep up to date with the ever-changing set of rules and regulations governing our sector. We thought it would be useful to recap the most recent changes and detail of what’s next for the industry.
- New Homes (Fitness) Act
In the event there are repairs to be made to a property which are delayed or ignored then tenants now have the right to take their landlord to court. This could leave a landlord with a significant legal bill in the event that the allegations are upheld by the courts.
- Mortgage Interest Relief Changes
Since April 2017, the way landlords have to declare their rental income has started to change, leading in the majority of cases to a tax rise. By April 2020, landlords won't be able to deduct any mortgage expenses from rental income to reduce your tax bill.
- Proposed Abolishment of Section 21 Notices
The Government are currently in consultation over the removal of Section 21 notices, or as they are more widely known “no fault” evictions. The thought behind this is to create more open ended tenancies and give tenants more security in their homes. This would leave section 8 notices as landlords only means of eviction, a process that is renowned to be ineffective and timely in its current state.
- Tenants Fee Act
The most recent update has been the Tenant Fee Act introduced in June 2019. The act was brought about to make renting fairer for tenants placing strict rule on payments landlords and agents are permitted to charge tenants and placing a cap on deposits. Early indication is that there has already been an increase in rents to cover the associated costs to Landlords. There have also been reports of tenants falsifying references.
- National register of Landlords
In June a government commissioned an independent consultant-led inquiry into selective licensing. One of the recommendations to come from the consultation states: “Government should consider introducing a national registration scheme for landlords to support and complement selective licensing.”
At homes4u we continually review and adapt our services and our team of specialists undertake industry recognised qualifications so we are best placed to look after your investment.
To find out more call Andrew Harrison, Head of Property Management on 0161 448 4813 or email firstname.lastname@example.org