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MORE LEGISLATION IS ON THE WAY
The Government is bringing in more legislation through 2018 which will impact on the Lettings market. Landlord's need to be aware of the areas that may affect them.
1 Pre October 2015 tenancies
The new rules regarding serving a section 21 notice which were brought in on 1st October 2015 will apply to ALL tenancies from 1st October 2018, including those that were started before 1st October 2015. Failure to comply with these rules will mean a section 21 notice cannot be served.
2 A minimum EPC rating for all rented properties
From 1st April 2018 all privately rented property must have an EPC rating of at least category E and above.
3 New Data Protection Regulations are coming into force
From 25th May 2018 all personal data kept by organisations and individuals (including landlords) will be subject to the requirements of the new Regulations. These are much more onerous than the current regulations and contravention can result in a heavy fine.
4 Banning orders for Landlords and Letting Agents
The legislation allowing these orders to be made has now been passed and a database of Rogue landlords and Letting Agents will be introuduced from 6th April 2018. This will contain details of any landlords and agents subject to banning orders.
We will look into all these areas in more detail in future blogs and explain how they will impact on landlords and their properties.
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CHRISTMAS AND NEW YEAR OFFICE CLOSURE
We will be closing the office between Christmas and New Year.
This means that our last working day will be Friday 22nd December 2017 at 4pm and we will re-open on Tuesday 2nd January 2018 at 9.30am
The CB Estates team would like to take this opportunity to wish you a very Merry Xmas and a happy new year.
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A Government working group set up to examine electrical safety in the private rented sector has recommended a number of measures which should be introduced, one of which is mandatory 5 yearly electrical checks. At the moment, it is not compulsory for Landlords to carry out a test of the electrical installation in their properties, although many do. The report makes a number of recommendations:
An electrical safety check must be carried out every 5 years
Visual checks of the electrical installation by landlords should be encouraged as good practice
A report should be issued to landlords confirming that an EICR has been completed with confirmation all remedial works have been carried out. A copy should be issued to the tenant at the start of the tenancy
The installation of residual current devices (RCD's) should be encouraged as good practice
These requirements should be phased in beginning with new tenancies
At this stage these are only recommendations, which will be put forward to the Housing Minister. However, given the current will of the Government to increase regulation on the private rented sector and the recent Grenfell Tower disaster it is highly likely that these proposals will be implemented in the near future.
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At the moment the prediction for house prices next year is one of small but steady growth. The average asking price of a property in December in England and Wales is down by £8,000 from the previous month to £302,000. Rightmove still believes that prices will continue to rise but more slowly at 1% as the pace of price growth continues to slow down. This will be the slowest rate of growth for over 6 years. Despite low interest rates and a shortage of housing, low wage growth and unprecedented economic uncertainty is continuing to put the brake on house price rises.