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Landlord news – April 2021

Landlords   |   April 16, 2021   |   twentytwo

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April 2021 has brought new updates for landlords to be aware of in England. At a time when Brexit and COVID-19 have caused uncertainty, there’s been a number of different regulations introduced in the past year. For those investing in buy-to-let or managing a portfolio, here are the regulations to be aware of:

  • COVID-19 eviction rules

There has been an extension on the tenant eviction ban by the government until the end of May. Exceptional circumstances are excluded.

Find more information about the eviction rules on the government website.

  • Tax relief on buy-to-let mortgages

This tax year, landlords will get a 20% tax credit on interest payments instead of previously being able to claim 25% tax relief on their mortgage interest payments.

  • Stamp duty for overseas investors

Overseas buyers will need to pay a 2% stamp duty surcharge when properties are purchased in England. This applies to non-UK residents, to be classified as a UK resident you will need to have spent at least 6 months in the UK in the year before or the year after you buy the property.

  • Electrical safety checks

Landlords must ensure a qualified electrician inspects and checks all electrical equipment every 5 years. The tenants must receive a copy of the report as well as your local authority if requested. This report is also known as an EICR – Electrical Installation Condition Report.

This applies to all tenancies including ongoing ones, not just new tenancies.

Being a landlord doesn’t need to be difficult or hard work. If it’s your first time take a look at our advice for landlords in the UK, you will find helpful information and points to think about.

With the evolving and ever-changing landlord legislations, we can lift that weight off your shoulder by fully managing your property. We have hundreds of happy landlords working with us at the moment and are very are focused on being compliant, keeping up-to-date with the latest legislations and regulations.

If you’d like to know more about letting with us, we’ve broken it down into 5 steps. We will guide you through the process and ensure you understand and are informed at every step. From providing a free property valuation to managing your property, you can rely on our experienced lettings team. Read about our simple lettings process here.

If you would like more information or are interested in letting in Hertfordshire, Essex or surrounding areas, don’t hesitate to get in touch.

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