Landlords: Are you fully up-to-speed with legislation?
With a high number of laws affecting buy-to-let landlords and changing frequently, it is now more important than ever to keep up to date with the rules and regulations governing the private rented sector, according to new research.
A raft of new laws have been introduced in recent years affecting those who have invested in the buy-to-let market, including the introduction of the 3% stamp duty surcharge, the phasing out the mortgage tax relief, scrapping of ‘wear and tear’ allowance, tenants’ right to request energy efficiency improvements, the Houses in Multiple Occupation and Residential Property Licensing Reforms, Right to Rent laws, and then there is the proposed letting agent fee ban.
All these measures affect those who own rental properties, which is why experts are now urging private landlords to brush up on their knowledge of the new legislation to avoid potentially being hit by fines.
Additionally, the Energy Efficiency (Private Rented Property) Regulations for England and Wales, set to come into effect from April 2018, also mean that landlords must ensure that properties they rent in England and Wales reach at least an Energy Performance Certificate (EPC) rating of E before granting a tenancy to new or existing tenants.
Any failure to adhere to this new law could result in a fine of up to £5,000 or 10% of the rateable value of the property. However, analysis by Direct Line reveals that updating the energy efficiency of a property can result in cost-savings of up to £1,000per year.
On a more positive note for landlords, recent research conducted by Direct Line found that landlords across the UK expect to see a hike in rents of 4% in 2017.
At Discount Landlord are able to provide you with competitive Landlord Insurance quotes to the private rented sector for properties and even unoccupied properties. Give us a call on 0800 294 4522 today!