A New Year brings new challenges and it is important that landlords are aware of the changes to regulations and licencing in the industry. Whether you are a new landlord or you have been operating in or around Coventry for many years, the continually evolving state of the industry means it is vital that everyone stays up to date with key aspects of the letting sector.
Make informed decisions throughout the year
Therefore, Student Circle is pleased to provide you with 10 things landlords need to know in 2019 and if you need any support or guidance, please get in touch.
1. The ban on landlords charging tenants fees is likely to be introduced in 2019
2. 2019 will see landlords only able to claim 25% mortgage tax relief as the cuts continue
3. Many local councils will have local licensing schemes in place – so stay informed on a local level
4. The Rogue Landlord database is expected to be more heavily populated in 2019
5. In October 2019, new regulations regarding the minimum space of bedrooms come into effect
6. Mortgage lenders will continue to impose strict criteria with respect to buy-to-let mortgages
7. By April of 2019, all letting agents in England must be members of an approved Client Money Protection (CMP) scheme
8. In 2020, MEES will apply to all existing tenancies, so landlords should ensure their rental accommodation holds an EPC of at least an E this year
9. There will be further debate over the Right To Rent scheme but this remains in place…for now at least
10. Eviction rules and the presence of the Section 21 notice will likely be debated throughout the year
So there you have it, a list of 10 items that landlords should be aware of in 2019 and we managed to get through the list without using the B word. It is understandable that Brexit will loom large over every decision that is made for the next few months, but it is vital that landlords don’t neglect rules and regulations that impact on their ability to do their job.
Get the help you need for your business
At Studentcircle, we know that there are many challenges for landlords to overcome, but we also believe that there are many reasons why landlords should continue in this sector. There is consistency to the level of demand for rental property and if you are keen to focus on the student market, this is an area that is not likely to diminish.
In fact, here in Coventry and including Warwick University, you will find that the demand for rental property remains as high as ever. Therefore, there is an opportunity for landlords looking to cater to the needs and requirements of the student market.
Any landlord that is looking to cater to the requirements of the student market or who is looking for guidance in complying with regulations in 2019, and beyond, will find that Studentcircle is the company to call on. We are pleased to say we have assisted many landlords in and around Coventry and we look forward to helping you reach out to your audience, so please get in touch.