There is a lot of work involved in renting out a property and it is not all just finding the tenant. Having an agent employed to manage your property once the tenants move in can significantly reduce the workload and stress involved.
Hair & Son as your managing agent will arrange; rent collection, deposit protection, management of maintenance issues and periodic property inspections. Most importantly we stay up to date with all relevant Legislation and Legal Requirements and ensure our landlords are meeting the expected standards.
There are seven important changes that you will need to be aware of in 2020.
- 10th January 2020- Anti-Money Laundering Regulations come into effect (EU Fifth Money Laundering Directive). With the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 laid in parliament, this directive will now be transposed into the UK.
- 20th March 2020 -Homes (Fitness for Human Habitation) Act 2018 extends to more tenancies. This Act will now apply to all tenancies of less than 7 years.
- 1st April 2020-Domestic Minimum Energy Efficiency Standard (MEES) Regulations grace period ends. This means that all rented properties must meet the MEES. A rating of E or above on a valid EPC is required.
- 1st April 2020-Client Money Protection for Letting Agents. All letting agents must join an official Client Money Protection scheme.
- 6th April 2020-Capital Gains Tax Relief. Capital gains tax is payable when you sell a property that is not your main residence. In the 2020/2021 tax year, capital gains tax is likely to increase significantly for landlords.
- 1st June 2020-The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020. Whilst it is not confirmed, the Government’s intention for Electrical Safety Standards to come into force is clear.
- 1st June 2020-Tenant Fees Act 2018 Transition Period Ends. The Tenant Fee Ban will become binding on all tenancies. While periodic tenancies do not need to have their deposit amount adjusted, deposits for new fixed term tenancies should be capped as set out by the Act.
Please call 01702 341177 to find out more information on the above legislation or if you would like to enquire about Hair & Son managing your property so you can ensure you comply with all Legal Requirements.