I reported last month that Michael Gove, the secretary of state for levelling up, is looking to bring to parliament the Renters Reform Act after the Kings coronation, well, it happened!
- The end of Section 21 will be abolished!
- Tenancies could potentially be set at periodic from day one – ending fixed terms!
- Rent increases limited to one per annum
- All Landlords to sign up to an Ombudsman Portal (mandatory)
- Landlords to register to a property portal and all properties they own.
- Landlords must consider all permissions to pet requests.
- Decent Homes Standard to be adhered to
The detail is of course is all in the paper! Although this sounds as if it is gearing more towards the tenant, in my 30 plus years of experience, a section 21 is used for rent arrears, the landlord wanting to move back in or the landlord wanting to sell, all these will be provided in a new updated Section 8 notice.
But, of course, this doesn’t help the landlords feeling more persecuted with the present mortgage rate rises and rental income being practically taxed on turnover and not net profit if the properties are not held in a limited company.
Before deciding anything drastic, please ring me and have a chat and I am always happy to discuss the options out there for you.
‘you don’t know, what you don’t know’
Rent your property the Move On way and be stress free! Email me for an informal chat on firstname.lastname@example.org
IF YOU WANT TO SELL YOUR RENTED PROPERTY, WE HAVE INVESTORS WAITING!