Landlords be aware of New Legislations
Landlords: keeping up with legislation
As a busy Landlord, do you find it difficult to keep up to date with the latest legislation related to running your business? It isn’t surprising if you do.
At Villabela Properties we find that many of our Landlord clients are unaware of changes as they happen – and it isn’t for a lack of trying, moreover that the information is not being effectively communicated to Landlords.
For example, here are seven important changes that affect Landlords which have happened recently – how many of these are you aware of?
- The introduction of MEES, which starts coming in to effect in April 2016. Under the Minimum Energy Efficiency Standards (MEES) it will be illegal for Landlords to rent out either residential or commercial buildings which fall into Energy Performance Certificate (EPC) Bands ‘F’ and ‘G’, from April 2018. From April 2016, tenants in privately rented homes can also ask landlords to make energy efficiency improvements.
- All residential Landlords should now have smoke alarms and carbon monoxide detectors installed in their properties with effect from 1st October 2015.
- Forward planning so that you can maximise your profits following the Chancellor’s announcement that a Buy-to-Let tax will be phased in between 2017 and 2020. This new tax effectively removes the ability of private landlords to offset the cost of their mortgage interest before arriving at a taxable profit.
- The Deregulation Act 2015 introduced new provisions (in England only) from 1 October 2015, protecting tenants from eviction. Landlords are no longer able to serve a Section 21 notice in particular circumstances.
- From December 2015, residential Landlords in Scotlandwill be responsible for ensuring that an electrical safety inspection of their property is carried out by a registered electrician at least every five years.
- The Right To Rent scheme, which started trialling in Birmingham, Walsall, Sandwell, Dudley and Wolverhampton last year, is being rolled out in England for all residential Landlords from 1 February 2016. Landlords who do not carry out the proper checks or who rent their property to someone who isn’t allowed to stay in the UK will face fines up to £3,000.
- The “wear and tear” allowance is being scrapped from April 2016. It will be replaced with a tax relief system that enables Landlords to deduct the costs they actually incur when replacing furniture, furnishings, appliances and kitchenware provided for tenants. The National Landlords Association (NLA) said that nearly half of Landlords will be affected by this change.
These are just some of the recent changes, many more legal changes are in force or scheduled to be. If you are aware of all these changes, then well done! If you are not then you may need the services of a competent Lettings Management Agency to keep on top of everything as it happens.
How we can help keep you legal
At Villabela Properties our Lettings Management service ensures that everything relating to your property and your tenants is fully compliant within current legislation.
We will also advise you of any forthcoming legislation that you will need to be aware of so you can get prepared.
Using our service means you can feel confident that your business is not flouting any laws, as well as giving you the peace of mind that that you won’t face financial penalties or a dent to your reputation due to a lack of information.
Contact Gary Abela at Villabela Properties to connect & discuss your requirements – 01912621260.
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