Following the initial pilot of ‘Right to Rent’ as part of the Immigration Act 2014, February 1st 2016 sees the nationwide roll out of Right to Rent with checks becoming a mandatory requirement for all residential landlords in the UK.
Landlords will be required to verify that prospective tenants have the right to reside in the UK by carrying out various ID checks prior to any new tenancy commencing. But its not only this major piece of new legislation that’s affecting the private rented sector, indeed over the last 12 months landlords have been bombarded with updated requirements and new regulations in relation to renting a property, from providing documents regarding the relevant deposit scheme, copies of Energy Performance Certificates, Gas Safety Certificates and the responsibility to provide a ‘How to Rent’ guide that was issued by the Government last year.
October 2015 also saw new regulations introduced for the installation and testing of smoke and carbon monoxide alarms to private rented properties, and the Deregulation Act 2015 also had implications for landlords in relation to tenancy deposits and grounds for possession of a property.
And last, but by no means least, The Treasury are now after a larger piece of the private rented sector pie and there’s been plenty of recent editorial in relation to the revised Stamp Duty payable on second homes & investment properties, as well as the gradual phasing out of mortgage tax relief on rental income.
It’s a very testing time in the residential lettings market, with potential confusion for both landlords & tenants as well as a range of financial and legal implications. If you are a current or prospective landlord or tenant in the West End and would like some peace of mind and a guiding hand through the ever more complicated process involved in renting, letting, buying or selling, then come and speak to the team at Tavistock Bow.
For this and more news, views and word from the street around Covent Garden, Soho, Fitzrovia & Bloomsbury, check out the latest edition of INTHEKNOW here