Belvoir Kettering is warning that over 50 per-cent of landlords in Northamptonshire feel they need help keeping up with changes in housing law and tax because the rules are changing too fast, highlighting the need for a professional approach.
The statement was backed up by latest research from Paragon Mortgages, who found that around 90 per-cent of landlord they were concerned they did not understand how recent announcements in Budget 2013 and the Queen’s Speech will affect their property businesses.
Landlords are expected to adhere to the latest legislative changes, yet many of the landlords at Belvoir Kettering have other jobs or a part time portfolio. Very few have the time to keep on top of the legalities of their investment, which leaves many landlords in danger of prosecution.
The report also found that other fears included:
• How to comply and pay for additional licensing for houses in multiple occupation (HMOs) as more councils seek powers to control standards in shared houses (54%)
• How to work out and pay capital gains tax if selling a rental home (53%)
• New rules calling for landlords to pay council tax when rental properties are empty (49%)
• How changes in the payment of housing benefit will impact cash flow (43%)
Even the most experienced landlords still struggle to keep up with the law, especially when it changes so rapidly, and there is a danger that they could be leaving themselves open to disputes or hefty fines. It is important for landlords to be educated and have a support network around them to protect both themselves and their properties.