More legislation looming for the lettings market in 2016!
*The controversial Right to Rent Scheme becomes law in England on February 1st. This requires landlords or Agents to check the legal status of all tenants to live and/or work in the UK before renting them a property. How long will it be before this becomes law in NI?
*A change to the N. Ireland’s Landlord Registration Scheme, announced by the Executive’s Social Development minister, means that only one registration fee now needs to be paid in the case where there are joint owners of a property. Previously all owners needed to pay the £70.00 fee. The process to identify refunds will begin immediately and should be made by March. Apparently 5,000 landlords will be eligible for a refund.
*The government has also announced new dates for energy efficiency compliance in rental properties. The Residential Landlords’ Association says that from April 2018, it will be unlawful to let out a property with an F or G Energy Performance Certificate rating, as a new let. There will be a few limited exemptions.
*The new 3% stamp duty on BTL properties is still set to start in April 2016. The petition against this sits at just over 52,600. The link is: https://petition.parliament.uk/petitions/104880
For more information, please contact Jackie in Bangor, (028 91 477 999), or Trevor in Ards, (028 91 821 999).