Landlords ‘Struggling’ To Keep Up With Reforms

New research shows many landlords are struggling to keep up with new legislative and regulatory reforms introduced over the past year. An independent survey of 400 landlords found 30% do not understand the changes to House in Multiple Occupation (HMO) licencing and 28% were unaware of the abolition of Section 21. 27% said they do not understand the tenant fees ban (June 2019) or how it may affect them. A quarter (25%) said they were not up to date with the latest changes to reduce tax relief on Buy To Let mortgage repayments. Read more on 24housing.

https://www.24housing.co.uk/news/survey-shows-landlords-struggling-to-keep-up-with-reforms/

Tenant Fees Ban Now In Force In England

The Tenant Fees Act came into force in England on Saturday 1st June 2019. The Act makes it illegal for landlords and agents to charge certain fees, for new tenancy agreements that are signed on or after 1st June 2019. The fees that landlords can still charge are rent, deposits, holding deposits and charges for defaulting on the contract. However, all four of these are subject to additional restrictions as part of the new legislation, and landlords and agents will need to be mindful of these changes. Other fees, such as those relating to inventories, admin charges and gardening services-are banned. Read more on the RLA website.

https://news.rla.org.uk/tenant-fees-ban-now-in-force-in-england-new-forms-for-landlords/

Most Landlords Will Keep Their Letting Agents Despite Ban On Tenant Fees

The majority of landlords using a letting agent won’t be put off if they see their own costs rise following a ban on tenant fees, a survey claims. According to the survey by the UK Association of Letting Agents (UKALA), 71% of landlords would continue to use a letting agent even if their premiums rise. What’s more, the research  shows that eight in ten landlords (79%) think their letting agent will increase their fees as a result of the proposal to ban charges to tenants, as announced in the Chancellor’s Autumn Statement last year. However, just 9% of landlords say they will part ways with their agent if their premiums rise. Read more on Housing Excellence.

Most Landlords Unaware Tenant Fees May Be Scrapped

Following the tenant fee abolition in Scotland, the rest of the UK may be following. Tenants can be charged anything from £50 to £500 when signing in or out of a rental contract. Baroness Grenader has proposed changes to the Renters’ Rights Bill, which would see fees being dropped by letting agents. Research from Upad, one of the UK’s largest online letting agents, shows the majority (54%) of landlords are not aware of the government’s plan. The study also shows landlords are quite relaxed about it, and of course, tenants are in favour of the changes. Read more on 24housing.