If you are a landlord, you have more than enough to contend with. With so many regulations to consider, it is no surprise if many landlords fail to keep up with changes. We are here to provide you with guidance and support on this matter. We keep Wembley landlords up to date with regulation updates, and this will be the case in 2020 and beyond.
The Homes (Fitness for Human Habitation) Act was introduced in March 2019, but there are changes due to be implemented on 20 March 2020. The regulations will now apply to existing statutory periodic tenancies.
Landlords should remember they can be taken to court if they do not provide tenants with a satisfactory rental experience. Therefore, it is essential you familiarise yourself with what is required.
The Minimum Energy Efficiency Standards (MEES) has been in place since 2018, but there will; be an extension in April 2020. From this time, the regulations apply to all tenancies. Rental properties are required to hold an F or G rating. If a rental property does not hold an exemption from this, it will no longer be suitable for use as a rental property.
Landlords who must carry out improvements to ensure their rental property complies with regulations are expected to pay up to 3,500 (pounds) towards the improvements. Landlords should be aware if the cost to make improvements exceed this amount, it is possible to apply for an exemption.
There will be changes to Capital Gains Tax in April 2020. From this month, landlords must pay the full CGT on a property sale within 30 days. This is a change from the process when this amount could be paid at the end of the financial year. The amount of money the landlord must pay does not change, but they must pay the amount at much shorter notice.
Landlords must become members of an official Client Money Protection (CMP) scheme by April 2020. The rules came into effect in April 2019, but a "grace period" of 12 months was allowed.
The Tenant Fees Act was introduced in June 2019, and will apply to all tenancies, as of June 2020. Landlords must make sure they only charge rent, deposits, holding deposits and charges relating to contract defaults.
Landlords should also be aware of Electrical Safety regulations, which are scheduled to be introduced in July 2020, and we can help you familiarise yourself with these regulations.
At Smith Melzack, we know landlords are under considerable pressure, and require a helping hand. We are pleased to offer a range of property management services, and services aimed at assisting landlords care for their tenants and rental property. If you are a Wembley landlord and looking for help in managing your rental property, get in touch today, and we will be more than happy to assist you.
