DIY inventories putting landlords at risk…

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Landlords are increasing their risk of tenant deposit disputes as a result of DIY inventory reports, according to Imfuna, developer and provider of digital inventory report app Imfuna Let. Landlords who carry out their own inventories often lack sufficient detail to provide evidence in the event of a dispute. Often, there are not enough detailed […]

… LandlordZONE.

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MEES guidelines out & worth the wait

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On 23rd February 2017 the Department for Business, Energy and Industrial Strategy (BEIS) published the guidance for landlords and enforcement authorities on the minimum level of energy efficiency required to let non-domestic property under the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015. This long awaited guidance details the requirements against which compliance […]

… LandlordZONE.

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Additional Licensing Starts in Lewisham

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The London Borough of Lewisham has announced that it is going ahead with their new Additional Licensing scheme. The scheme, which started on 11th February, will operate for five years until 10th February 2022 and is borough wide. The scheme applies to HMOs above commercial premises. This includes flat shares with three or more unrelated […]

The post Additional Licensing Starts in Lewisham appeared first on RLA Campaigns and News Centre.

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Editorial, February 2017

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Another eventful month in the world of the private rented sector (PRS), with a long promised government Housing White Paper published in early February – see our lead article in this issue – not that it brings much that is really beneficial for buy-to-let landlords, apart from underlining existing challenges.

The government is to continue its efforts to bring up safety standards in the private rented sector, and to drive out rogue landlords. The measures introduced in the Housing and Planning Act 2016 will soon bring in banning orders to remove the worst landlords or agents from operating, and enable local councils to issue, in effect, on-the-spot fines, as well as prosecute. But the effectiveness of these measures still depends on someone taking action; councils don’t have a great track record when it comes to sorting out bad landlords.

On that point, shame on Cardiff City Council for releasing private details of hundreds of landlords who were going through the process but were not yet fully registered on the “Rent Smart Wales” scheme. Their details were release in a mass an e-mailing message sent out by an administrator.

Rent Smart Wales is a Wales-wide scheme aimed at registering all landlords and agents in Wales in an attempt to raise standards of renting. One of the main arguments against landlord registration is that private landlords’ personal details would be available to all. Cardiff City Council commenting on the serious breach of confidentiality and data protection rules said: “Rent Smart Wales and the City of Cardiff Council take data protection seriously. The matter is currently being investigated in line with the council’s data protection policies.” Full story here

The new energy efficiency regulations setting out minimum energy efficiency standards (MEES) for England and Wales will apply to buy-to-lets from April next year (2018), meaning a property cannot be let with an EPC rating below E.

There are plans to extend mandatory licensing of Houses in Multiple Occupation from the current 5 unrelated occupiers over 3 stories, to all HMOs, namely smaller shared houses, and there are also ongoing consultations regarding the introduction of mandatory electrical safety checks for rented properties, banning letting fees for tenants and mandatory client money protection for letting agents.

So there’s plenty to think about on top of all the other new regulations that came in for Section 21 and other regulations over the last 18 months or so.

What I find so disappointing about the White Paper is the seeming lack of support and recognition for the smaller buy-to-let landlord, the backbone of the UK’s private rented sector. The government appears to be pinning its hopes on institutional investment (build-to-rent) to help fill the gap in housing supply, but so far previous initiatives on this have been slow to take off.

Landlords are still reeling from the prospect of higher taxes, chiefly the removal of mortgage interest relief, which commences on a sliding scale over 4 years from the current tax year 2017-2018.  But sadly there is no indication yet from government that there will be a re-think on this “landlord tax” introduced by the previous Chancellor, though with the budget coming next month – we live in hopes.

A recent report: “The impact of recent tax changes on the private rented sector” By David Miles, Professor of Financial Economics at Imperial College London, is scathing on the tax, concluding that: “It is hard to see any rationale for the tax changes announced in 2015. Evidence from Paragon suggests those changes are beginning to have a dampening effect on the supply of private rented property. They should be abandoned.”  Access the report here

The Residential Landlords’ Association (RLA) is organising a final drive, a pre-budget campaign to get Mortgage Interest Relief (MIR) restored for buy-to-let landlords – #FightingMIRChanges

The RLA are urging all landlords to contact their own MP to point out to them the consequences to both tenants and landlords of the imposition of this “unfair and unprecedented tax”. As a landlord your voice can make a difference, which is why the RLA think you should speak to your MP about how you will be affected by the changes. Contact your MP here

Tom Entwistle, Editor

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My correspondence showing complete Ministerial lack of understanding!

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Below is the full response from HM Treasury and Housing Minister,Gavin Barwell, to my MP Emma Reynolds who raised concerns on my behalf concerning Section 24 and the ban on Agents fees:   HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ Dear Emma, 3 JAN 2017 Thank you for your email of 16 December… Read more

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Landlord optimism grows

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Landlords are now thinking ahead to mitigate tax relief changes as Paragon Mortgages says 60% of landlords are aware of the implications of the changes and are taking action. There are now more landlords willing to buy and fewer expecting to sell as landlords’ optimism shows a modest improvement, that’s according to Paragon Mortgages’ latest […]

… LandlordZONE.

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