After a difficult 2020, we’re getting into the swing of the new year and hoping for better things to come. To help you prepare for the year ahead, here are ten upcoming changes to rules and regulations affecting landlords, and what they mean for you.
There are over 100 laws governing a landlord’s behaviour and responsibilities in England and Wales, and several hundred further regulations. For most people, this is far too many to commit to memory, so you’ll need to consult the rule book from time to time.
Tips for buying renovation projects to improve your chances of success
Many people dream of investing in property and renovating homes to sell at a profit. And you can make that dream a reality, but it’s not easy. If it were, everyone would do it. Success isn’t guaranteed, but you can improve your chances by following these principles.
Legal obligations to new tenants to ensure their safety, money, and rights are protected
Being a landlord comes with a significant list of responsibilities: 145 laws and over 400 regulations that you must follow in England and Wales. One of these responsibilities is to provide your tenant with several documents at the start of the tenancy so that they can be sure that their safety, money, and rights are protected. Here are the five essential documents.
It is a legal requirement for landlords who rent out their properties on assured shorthold tenancies (ASTs) to pay any deposit money they collect into a tenancy deposit protection scheme. So that you can be sure you’re meeting your obligations, we’ve answered some of the common questions about tenancy deposits and protection schemes.
Which taxes must you pay and how are they calculated?
If you own a property in the UK that you rent out to tenants, you’ll need to pay tax on the money you make from doing so. While the tax rules aren’t overly complicated, there are several different taxes you’ll need to be aware of.
Among your many responsibilities as a landlord, there are certain documents that you must provide to tenants at around the time that they move into your property. Its important that you don’t fall foul of the regulations governing the renting of property. To ensure you meet your legal obligations, consider creating a tenant’s pack containing all of the following paperwork.
The most common type of tenancy in the UK is an Assured Shorthold Tenancy (AST). This describes tenancies involving:
a private landlord who will not be living in the property
a tenant or tenants who will be living in the property
annual rent that is no less than £250 and no more than £100,000
At the start of a new AST, a tenant and landlord will sign a tenancy agreement, and the tenant will pay the landlord a deposit. If you’re a buy-to-let landlord, here are the answers to common questions you may have about this stage of the tenancy.
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