Month: May 2019

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Updated List of Landlord Laws You Need To Follow

Being a landlord is brilliant, owning high yielding properties, the day to day management of your properties, liaising with tenants, dealing with their issues, often having to take on responsibilities of housing providers and social workers as you help your tenants to budget their money to ensure next month’s rent comes rolling in… But it’s not all fun and roses. Have you considered all the laws you have to be aware of?

Last year, we released an article detailing more than 125 laws you need to be aware of as a landlord if you’re letting property in the United Kingdom and property managers and letting agents need to be aware of these too! Not being aware or deliberately ignoring the existence of these laws can lead to lengthy prison sentences, hefty fines or banning orders preventing you from continuing your activities as a landlord! New laws even ban landlords in breach of certain legislation from using Section 21 to evict your tenant.

So, what’s the big idea? Why are we releasing another article? Well, quite simply, there is even more laws you need to be aware of! And the penalties for non-compliance are even bigger! With the changes to mortgage interest rate relief, the Tenant Fees Act 2019, Minimum Energy Efficiency Standards, Fitness for Human Habitation 2018 and the anticipated Mandatory Electrical Safety Testing Bill making Electrical Installation Conditional Reports a legal requirement and the Private Landlord Registration Bill. Below, is an extensive list of laws residential landlords (excluding HMO landlords) need to be aware of;

Going into 2019, landlords will also want to be aware of the following:

As landlords can imagine, there are a lot of rules to bear in mind and tenants aren’t dumb. Over the years, tenants have become more professionalised within the sector to a point where they can be reasonably expected to hold their landlord or letting agent to account. This is why, for landlords in Leicester and Leicester letting agents like ourselves, we have to be careful and undertake regular training and educational activities to keep on top of the legislative changes and to learn new ways to protect our bottom line.

It’s important landlords in 2019 aren’t falling foul of the law. It’s become clear that the Government intends to professionalise the sector and rightfully so, this means the government are trying to force Sole-Trader landlords out of the equation and encourage landlords to form limited companies, which is something we can help you to do, there will be costs associated with this including Capital Gains Tax and Stamp Duty Land Tax which are other laws you need to be aware of as a property investor.

One way to avoid falling foul of these more than 150+ laws is to instruct Andrew Hill to manage your property who will keep you regularly updated with changing landlord and housing legislation. We pride ourselves on maximising our client’s return on investment and protecting your bottom line; through our Fair Fee Guarantee, we only generate profit when you’re achieving an income!