Latest News impacting Buy to Let Landlords

This is a common question.  I am delighted to say that we have zero conflict of interest in giving you an answer because we are not a law firm trying to win work here.

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Maybe you have heard of some people running their single or multiple properties through a limited company and wonder whether that is only for the select few or something you too should consider.

Below I will attempt to outline the key changes, facts and considerations so that you can make an informed decision on this matter.

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Tenant Fee Ban – It is about time

The Tenant Fee Act 2019  finally came into force on 1^st June 2019.   What does it mean for tenants and what does it mean for landlords?

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On 15^th April 2019 the government issued a press release that it would be aiming to bring about the biggest change for renters in a generation by creating open-ended tenancies  and making sweeping reforms to the current no fault Section 21 Notice procedure.

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Landlords and agents should by now be aware of just how important it is to follow the letter of the law when serving Section 8 or Section 21 Notices.

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Within the first few days after the tenant falls into arrears, the landlord should send a formal demand letter by first class mail or hand deliver it.  In the letter, request that the outstanding arrears be paid immediately and ask the tenant to ensure that all future rental payments are made in full and on the due date. 

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Rent arrears is a serious matter and requires immediate action but that doesn't necessarily mean 'going legal' right from the start,  even though you have the  right to do so.   It's always best to contact your tenant first to discuss the problem.  When reminded about a missed payment, most tenants will respond quickly and positively.

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On occasions, you may feel as though these rights are being taken away from you due to issues concerning your neighbours.

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A guarantor is someone who accepts liability on behalf of the tenant for things such as a failure to pay rent or damage to the property during the course of the tenancy.

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Introduced in 1933 by the Local Government Finance Act 1992, council tax is imposed on households in Britain based on the number of people living in the property and what its value would have been on April 1st 1991 (2005 in Wales). From this, the Valuation Office Agency (VOA) will give your home a valuation band which determines how much you will be required to pay. Use this quick link to find out which band your property belongs to. 

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