The UK property landscape is evolving, and with the Renters Reform Bill having its second reading, it’s crucial for landlords to stay informed. The bill aims to balance the scales, providing security for renters and assurance for landlords. Here’s what you need to know:
Key Changes Proposed by the Bill
- End of ‘No Fault’ Evictions: The bill proposes to abolish Section 21, ending ‘no fault’ evictions and shifting to periodic tenancies.
- New Grounds for Possession: Landlords will have more grounds for possession, particularly in cases of anti-social behaviour or repeated rent arrears.
- Protection Against Retaliation: The bill seeks to offer renters protection against retaliatory evictions.
- Mandatory Ombudsman Membership: A new requirement for all private landlords to join an Ombudsman.
- Introduction of a Property Portal: A new database for residential landlords and private rentals in England will be established.
- Pet Policies: Tenants will gain the right to request pets in their rental homes, with landlords required to respond reasonably.
Additional Measures for Consideration
- Decent Homes Standard: The bill will extend this standard to the private rented sector.
- No Discrimination Against Benefits or Families: It will become illegal to refuse tenants based on benefits or family status.
- Strengthened Council Powers: Local councils will receive more power to enforce standards and will need to report on their activities.
Current Status and What’s Next
The bill’s second reading highlighted a significant delay in abolishing Section 21, pending court system improvements. The third reading is slated for before the Christmas break, with intentions to enact the bill before the next general election.
Implications for Landlords
For landlords renting to overseas students or those accustomed to advance rent payments, the bill’s terms may affect payment schedules. However, flexibility in the payment period versus the rental period is expected to be clarified in the final bill.
Our Takeaway
The current proposals in the bill should not be a major concern for landlords. The overarching advice is to maintain your letting activities with confidence.
Stay Updated and Informed
We’re here to help you navigate these changes. If you have any questions about the Renters Reform Bill or your property portfolio, please reach out for tailored advice.
Keep Calm and Carry On Letting
The property market may be changing, but our commitment to providing you with the latest information and guidance remains steadfast. Stay tuned for updates as the bill progresses, and remember, we’re just a message away for support and assistance with your letting strategies.
