2025 will see the introduction of the Renters’ Rights Bill.
Whilst the Bill is still being debated in Parliament, it is widely expected to be implemented by the Summer of 2025. Current landlords will be affected by the changes and may need to take action. We are here to help!
The Bill will mark the demise of the fixed term tenancy agreement with a reform to periodical tenancies (including existing agreements). Landlords will not be able to give notice within the first 12 months of the commencement of a tenancy and there will be a change in notice periods. Rent increases will need to be evidence based, bidding above the advertised rent will be illegal, and all landlords will have to sign up with a regulatory body and register each rental property on a central data base – yet to be assigned.
The Section 21, used to gain vacant possession, will be replaced by an amended Section 8 and, whilst the finer points of the legislation are yet to be agreed, the reality of the new Bill is that there will be a change from a discretionary to a more fact-based system.
To best manage the transfer our experienced team will work closely with our Landlords. We will advise wherever possible that a fully managed service (fees currently tax deductible) is implemented as regular management visits, regulatory compliance and comprehensive record keeping will be essential in ensuring that significant penalties are not incurred.
For more information on the Bill https://www.gov.uk/government/publications/guide-to-the-renters-rights-bill/82ffc7fb-64b0-4af5-a72e-c24701a5f12a. For advice on how we can help you as a landlord to best navigate the new system contact: Kate Morton or Claudia Hunt on 01730 771222