New Hope For Landlords

Newsflash!

Sajid Javid MP, Secretary of State for Communities and Local Government, just shared some really good news for landlords. Well, it’s good news for those landlords doing the right thing, anyway.

In his speech to the Conservative Party Conference on Sunday 1st October, Javid said “At the Autumn Budget (expected 22nd November) we will bring forward new incentives for landlords who are doing the right thing.”

This announcement seems to follow on from his statement that the Government wants to “give tenants more security of tenure in their homes” and that “all landlords should be offering tenancies of at least 12 months to those who want them”.

We have yet to find out what those ‘incentives’ might be and what they’ll be for, but we’ll keep our fingers crossed for good news on 22nd November for those landlords who are ‘doing the right thing’!

Although Mr Javid’s speech included the statement that “many landlords offer a good, secure home for all their tenants”, he also seems to want to be seen as tackling a “broken housing market” and helping “communities failed by the system”. 

He also stated that everyone should have a “right to a home that is decent and safe”.

In order to bring in “new measures to strengthen tenants’ rights” and “strict minimum standards” the Government are proposing:

  • That all letting agents are regulated
  • To make it compulsory for all landlords to be covered by a redress scheme with an ombudsman, so that tenants have a quick and easy resolution to disputes

The Letting People have been proud members of the UK Association of Letting Agents (UKALA) for over 15 years, which means that some of the rules the company is regulated by include:

  • Abiding by a code of conduct
  • Meeting a minimum qualification standard
  • Having adequate client money protection insurance
  • Belonging to an independent redress scheme

It seems very likely that it will become compulsory for all landlords to be regulated to these same standards. According to Caroline Kenny, Consultant to UKALA, this could mean that private landlords who choose not to use an agent will need to offer the same level of independent redress as letting agents.

Caroline also considered that this proposal “seems fair, although if the standards are to be equal across the board, this could be costly for small landlords”.

So, is it good news for you? Well, if you’re a good landlord who does things by the book, then it certainly sounds like it.

If you’re not? Well, your time may well be up come Autumn Statement time.

Need help? We’re more than happy to discuss it with you – just ask! 

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In case you missed it….

 

In case you missed it…..

The rise of the live-in landlord

In recent years, the Government’s Rent a Room scheme has become more popular than ever before. The scheme, which currently lets landlords earn up to £7500 a year, can provide a tax-free benefit for private landlords looking to let out a single room or an entire floor within their property.

If this sounds like you, or someone you know, The Letting People can help! We have successfully let out several rooms on behalf of local live in landlords

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