One in twelve landlords are unaware of a suite of legislative changes that occurred across the lettings industry in recent years, according to the findings of the English Private Landlord Survey 2018 published in January.
Over 80% of landlords were aware of the additional 3% stamp duty burden for the purchase of a second home, with two-thirds having knowledge of the changes to mortgage tax relief and the impending tenant fee ban.
Less well known are the reduction in Capital Gains Tax for non-property investments and knowledge of the minimum rent to mortgage cost ratio required by lenders to approve a buy-to-let mortgage.
The survey notes that legislative changes are considered the main concern for current landlords, while agents are more concerned about tenant behaviour.
In order to display full compliance as a landlord, it is critical to have a comprehensive understanding of the legislation within the sector. Given many of it is is always changing or subject to change, it can undoubtedly be difficult to keep up which puts you at risk of falling out of compliance.
Such is the nature that in the two months that have passed since the survey was published, additional laws, rulings and schemes have been sanctioned or are in the place of being introduced. These consist of announcements such as a new redress scheme that could see landlords faced with £5,000 fines, as well as a new law whereby tenants can sue landlords for cold or damp rental properties.
Abode letting agents in Manchester are committed to ensuring all our landlords as well as our own practices are compliant and meet the latest changes and additions to rental legislation. If you are unsure whether or not you are a compliant landlord, give us a call on 0161 883 2525.