Page 6 - HC Observer Issue 8 - Kettering Edition

The new tenant fee ban...
‘Don’t panic Mr Mainwaring' – an explanation
of the brand new Rentals legislation
In good ol’ Dad’s army parlance – 'Landlords we have the situation under control'.
Here’s what the new 5 five week cap means for renters.
The Act, which comes into force on 1st June,
will only apply to new tenancies and renewals of tenancies. It will mean that landlords and letting agents won’t be able to charge for a range of admin fees they’ve previously done, and has capped tenancy deposits to five weeks.
Part of the shake up will involve rental deposits in England being capped at five weeks.
The upcoming tenant fee ban should spell some good news for tenants and it may lead to more people being able to move more often if they want to, thanks to the reduction in the cost of moving.
It remains to be seen if the ban will be passed on in other ways such as increasing rents and tenants will still need to find a pretty hefty rental deposit in many areas. What we really need now is more fresh stock for the rental market as rents continue to rise at the current rate we’re seeing, so perhaps it’s a good time for some investors to consider buying up properties to let out as the tenant demand is definitely there.
The Rightmove analysis also found that demand is currently outstripping supply, with the number of available rental properties in the capital down by 33% compared with two years ago, while available rental stock has dropped 13% for the rest of Great Britain.
The Property Management team – we've got it under control
The government’s decision to taper and ultimately remove tax relief on finance-related costs has had a huge impact on the lettings market and has resulted in a massive decline in the number of new lettings properties coming to the market.
This decline has been most noticeable over the past six months as landlords take action before the full impact of the tax changes come into play next year.
Our feeling at Henderson Connellan is that now is a good time for landlords to get back into the market and benefit from the increasing rental return especially as there will be increasing numbers of tenants entering the market over the next few years.
Knowledge is key!
To enable the Henderson Connellan property management team to advise our landlords with all of the new legislation we have undertaken the following training courses. If you have any questions at all with regard to the rental of your property please do not hesitate to call one of our experts - we would be delighted to help.
TFP Lettings and The Law: The Localism Act 2011, The Energy Act 2011
TFP Bespoke Legal Training: Section 11 Landlord Responsibilities and Liabilities,
Section 13 Rent Increase
TFP Property Letting & Management: Mastering Inventories, Deposits and Damages Disputes
DPS Dispute Resolution Training Course
Landlords Lawyer: Basic Legal for Lettings
Landlords Lawyer: Deregulation Act 2015
Landlords Lawyer: Gaining Possession
Landlords Lawyer: Housing of Multiple Occupation and Housing Health and Safety Rating System
Landlords Lawyer: Compliance
Landlords Lawyer: Consumer Protection Regulations
Landlords Lawyer: Advanced Legal for Lettings Training
Landlords Lawyer: Data Protection and GDPR
Landlords Lawyer: The Accelerated Route for Possession, the claim form and supporting documents, The Hearing, Death: what to do if your Landlord or Tenant dies
Landlords Lawyer: Tenant Fees Bill
Homelet: The Referencing Process and Products Homelet: Compliance Training
Homelet: The Evolution Training Event
www.hendersonconnellan.co.uk