We live in a changing world.

Not only is Mr Trump across the pond changing world trade. We also have changes coming in the Private Rented Sector with the Renters Rights Bill and changes to the EPC rules.

Everyone in business needs to assess their current situation and see if changes need to be made.

And landlords are (despite what some of the ‘smaller’ landlords may think) are a business.

So what sort of things do you need to check?

You need to check that you are complying with your legal obligations.

For example:

• Have you taken a deposit?
• Do you need to get a license from the Council?
• Are you complying with the data protection rules?

You need to check that your property condition is sound

For example:

• Is it likely to meet the new ‘decent homes’ standard?
• Is it going to meet the new EPC standards?
• If not, will it cost a lot to bring it up to the proper standard?

Is it a good investment?

For example:

• Has its value gone up or down in the past five years?
• Are you charging the right rent?
• Is it at risk of flooding (which could make it difficult or impossible to insure)?

These are just a few of the important things you need to check periodically.

What is the best way to deal with this?

At Landlord Law, we have a special tool, our Audit Kit, which takes you through all the things you need to think about so you can do a comprehensive review of your property or properties.

We recommend that this is done at least once a year. However, with things changing so rapidly, you may want to carry out a review more frequently.

For example, a good time to do an extra review would be after your existing tenants have moved out before you re-let.

Just in case your audit shows that your property is not a viable investment.

How do you get hold of the kit?

It can be purchased online for £120 (inclusive of VAT). However, the best way to get access is to be a Landlord Law member, as the audit kit is available to all members as part of their membership.  Membership starts at £25 pcm.  It is easy to join.

Even if you don’t use our Audit kit, you should do some sort of regular review of your property portfolio.

In a changing world, you need to do regular checks to ensure that your investment properties are sound investments.

The post Why now is the time for landlords to carry out a review of their rental properties appeared first on The Landlord Law Blog.

Welcome to our weekly Newsround, let’s see what the team has spotted in the housing new this week.

Landlord EPC Grants launched by Government

The Government has launched this week its New Homes: Local Grant Scheme for landlords in England with properties rated EPC D to E. Landlords can get up to £30,000 for energy efficiency improvements on their first rental property and £15,000 for any other additional rentals.

There is strict criteria in order to apply:-

• The grants are only available to tenants on low-incomes below £36,000 pa
• It only applies to certain post codes which are here
• It is only available to universal & housing benefit tenants
• EPC improvements will not result in an increase rent paid by the tenants

There is no limit on the number of properties that can be applied however there is a £315,000 limit on funding, including any funding from previous grants for upgrades. Authorities will carry checks and can remove support to the PRS if they detect that a rent increase has been imposed.

Rental homes are unaffordable for benefit claimants

Crisis has claimed this week that only 2.5% of rentals in the private sector are affordable to those who are on housing benefits, and that is down from 12% in 2021 to 2022.

Crisis fear that as the housing benefit rates are frozen until 2026 this will only force more tenants out of the PRS and into homelessness. They are calling for the government to raise benefits as that will reduce poverty, improve public health and stop tenants being pushed into temporary accommodation.

Over 1.5 million households claim LHA who rent privately and two thirds of them now have a shortfall between when their payments are paid to when their monthly rent is due.

Matt Downie of Crisis added

It also risks completely overwhelming local authorities who are already struggling to cope with the demand for support and will leave more people stuck in unfit temporary accommodation that damages their health and wellbeing.

Monaco based landlord hit with record rent repayment order

A billionaire landlord based in Monaco has been ordered by a tribunal  to pay more than £260,000 in rent repayment orders following a five year legal battle.

Forty six previous and current tenants from fifteen different flats took him to court for operating unlicensed HMO’s. They were represented by The London Renters Union who said that the tenants were living in hazardous conditions with very little safety measures in place and a at great fire risk.

The judge said that the landlord ‘can only be characterised at a rogue landlord’. The ruling is thought to be highest rent repayment to date. Sadly though it is possible that the tenants will not see any of the money due to them as the landlord, Mr Christodoulou, is trying to liquidate his companies.

Student Lets sector could diminish

Propertymark has claimed this week that the Renters’ Rights Bill will have a massive impact for students trying to find and secure their accommodation, because student landlords have serious concerns over the ending of the fixed-term tenancies and the banning of taking rent in advance, which many foreign students rely on and some claim will now discriminate against them.

The financial burden will only increase for student landlords, one student landlord says

The Renters’ Rights Bill could further shrink the student rental sector, as landlords would have no guarantee that their flats would be available to rent at the start of the academic year. Many landlords may leave the market due to increased risks, further reducing supply and pushing up rents for students.

Propertymark are calling for the government to look at ways to maintain private student accommodation.

Snippets

Estate agent director fines after damp and mould complaint
Council boasts of £45,000 fines levied on private landlords
Average rents in England rise for the third month in a row to £1,213 in March
Landlords must be given time to adjust to Renter’s Rights Bill
Senior Tories and big landlords discuss ways to thwart renters’ rights bill

See also our Quick News Updates on Landlord Law

Newsround will be back again next week

The post Landlord Law Newsround #382 appeared first on The Landlord Law Blog.