We know being a landlord is a challenging process, and there are so many aspects to consider. Caring for your rental property and looking after tenants involves a lot of work, but you also need to stay in touch with regulations. There were a lot of regulations introduced and updated in 2019, and 2020 looks to have more of the same.
If you are a Camberwell landlord, and you want to stay in touch with 2020 regulations, get in touch, and we will make sure you are compliant.
Electrical Safety Standards is a significant change
We have already discussed the introduction of The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020, which if approved in the House of Commons and the House of Lords, will come into force on 1 July 2020. We know many landlords already undertake a level of electrical reviews at their property, and this new regulation shouldn’t be an issue for many in the industry.
However, we know some landlords need to improve their standards, and there will be some who don’t do much in the way of electrical checks. Many industry observers welcome the regulation, and while landlords need to do so work to comply, this step can create a safer environment in the rental property.
MEES changes come in this year
The Minimum Energy Efficiency Standards (MEES) have been in effect since April 2018, so landlords should be aware of this. However, as of 1 April 2020, the regulations will be extended, and this means existing tenancies are affected by the regulations.
All properties with an Energy Performance Certificate (EPC) rating of an F or G will be classed as suitable for letting purposes from that date. If landlords haven’t improved the standard of their rental property already, now is the time to make changes.
Landlords should also familiarise themselves with:
· New tax relief rules
· Changes to private residence relief
The importance of staying up to date with regulatory changes is evident and has been emphasised by Paul Barnes, who is the Head of Dispute Resolution at Kirwans law firm. Paul said; “From minimum energy efficiency standards to tax relief, a number of legal changes will take effect in 2020. For some landlords, little work will be required to ensure they comply with the new regulations, while for others, wholescale changes will be required. Those who familiarise themselves with the new rules now should have ample time to put measures in place that will keep them on the right side of the law.”
If you are a Camberwell landlord and you have concerns about staying in touch with regulatory matters or managing your rental property, please get in touch. We are pleased to say we have assisted many Camberwell landlords, and we look forward to helping you.
2020 looks set to be another challenging year for landlords, but it could also be a rewarding one. We are here to ensure you achieve success, so please get in touch today.