News

Tenant Fees Bill Legislation from 1st June 2019

• Tenants cannot be charged for referencing costs
• Tenants cannot be charged for any tenancy agreements
• Tenants cannot be charged for part costs of inventories or check-in/outs
• Security deposits will be capped at 5 weeks' rent (or 6 weeks' rent for annual rents over £50,000)
• Tenants can be charged for early termination of tenancy agreements â€" reasonable landlord costs for re-letting and rent up until a new tenant moves in (up to a total maximum of the rent outstanding for the tenancy term)
• Tenants can be charged for variation of contract cost at the tenants request â€" expected to be capped at £50 inc vat, unless ... Continue Reading >>

From 1st April 2018 all new tenancies or renewals on rental properties (domestic and non domestic) must have a minimum of an E rating on an EPC. Domestic properties with existing tenants in a periodic tenancy (rolling on and not renewing) have until 1st April 2020. Non domestic until 2023.

If you have concerns about your domestic rental properties EPC rating speak to us at Regency Lettings & Property Management, we can give advice and put you in contact with ... Continue Reading >>

This year Regency Lettings & Property Management Limited are donating to the charity MIND instead of sending out Christmas Cards.
https://www.mind.org.uk/

Christmas ... Continue Reading >>

A reminder to all landlords the 6th April 2017 sees the first phase in the restriction of mortgage interest able to be claimed as tax deductible by landlords.

The final phase will eventually bring the maximum down to the basic rate in 2020/21.

The Government paper is here:
https://www.gov.uk/government/publications/restricting-finance-cost-relief-for-individual-landlords/restricting-finance-cost-relief-for-individual-landlords

Landlords will be able to obtain relief as follows:
•in 2017 to 2018 the deduction from property income (as is currently allowed) will be restricted to 75% of finance costs, with the remaining 25% being available as a basic rate tax reduction
•in 2018 to 2019, 50% finance costs deduction and 50% given as a basic rate tax reduction
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Regency Lettings & Property Management are delighted to be able to offer what is possibly the most competitive and comprehensive rental recovery and legal guarantee cover available.

100% of the monthly rent paid for up to six months from the date of the first arrears.

Legal expenses up to £50,000 to cover eviction costs or breaches of tenancy agreement.

50% of the rent paid for up to two months after vacant possession has been obtained, whilst new tenants are found.

The cover we can offer to all Landlords including Tenant Find only. Cover starts from as little as £13 per month.

At Regency Lettings ... Continue Reading >>

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An article from MyBigMove.co.uk:

Moving day. Hands down one of the most stressful experiences you will ever experience. We all know that!
A substantial amount of people make one fundamental error when packing their belongings away to move house. They use the method of packing everything away as quickly as physically possible, which is all well and good until it comes to the unpacking.
Then comes the frenzy of throwing boxes around to try and find something that 'you definitely packed', which is aggravating to say the least.
So, we decided to try and give you a little nudge in right direction to ensure your move goes as smooth as possible.

Tips for moving day:

1.  Pack your house one room at a time!
2. Print off the labels above (multiple ... Continue Reading >>

I have read an article by Rosalind Renshaw which has flagged up that major amendments to the Finance Bill have been “slipped in” at committee stage, avoiding property consultation and scrutiny.

The changes if they are passed as currently worded in the Finance Bill could result in Buy to Let property owners paying Income Tax rather than Capital Gains Tax (CGT) on the profits when they sell.

Capital Gains Tax (cut in the 2016 budget) is 20% for high rate and 10% for basic rate tax payers.

Income Tax is charged at 45% for additional rate, 40% for higher rate and 20% for basic rate tax payers.

This change should it go through would double the amount of tax payable by Buy to Let investors when they sell.

The Law Society is challenging the government ... Continue Reading >>

After an interesting few weeks the property sales market seems to be as buoyant as ever with many agents seeing a dramatic increase in instructions post referendum.

The period leading up to the referendum has been quiet for sales and lettings instructions. Lettings instructions still remain low for the period.

Solicitors have also generally reported lower than average conveyancing fall outs since the referendum. Demand is definitely out-stripping supply, apart from at the upper end of the sales and lettings market where there are few ... Continue Reading >>

On 20th October 2015 the Government announced that as of 1st February 2016 all landlords in England will be responsible for checking that potential tenants have the right to reside in the UK.

Prospective tenants will have to prove that they are either UK or EEA nationals who have an unlimited right to rent in the UK, or will have to provide the correct immigration status documents including biometric residence permits and travel documents.

Landlords (or agents representing the Landlords) that do not carry out the immigration checks could be fined up to £3,000 per tenant.

Checks ... Continue Reading >>