There has been a lot of discussion and speculation about what the Renters Reform Bill will be like, although it is yet to be a paper many landlords within the property market are a little worried about what the future may hold, despite the fact that there is very little factual information currently available about what it will entail.
Naturally, it has got those with rentals concerned about where they stand. There is concern about how they may be able to evict a tenant if they need the property back for whatever reason or if they need to move a tenant on because they are not fulfilling their requirements as a tenant, such as looking after the property or paying the bills associated with it, i.e. rents, etc
A letting agent has always been a good option for those who wish to have someone manage a property on their behalf. They can be a useful resource that bridges any gap between landlords and tenants, while also being a solid source of information, including regarding the proposed Rental Reform Bill.
As experts within the property rental market, we can assist and help talk people through everything so far. We’re looking to host an online presentation in January 2025 for all those who wish to learn everything that has been mentioned about the new proposals in a digestible and simple way, ensuring you’re in the best position to know what your rights as landlords will be.
With so much speculation and discussion about the proposals, it’s a good idea to gain clarity over the key points that it’s set to potentially affect. These include the following:
A section 21 notice is a legal document that starts the process of ending an assured shorthold tenancy (AST) in England. It's also known as a "no-fault" notice because the landlord doesn't need to provide a reason for eviction.
The planned proposals are aiming to abolish it. Landlords will simply need a reason to evict their tenants if they wish to do so. If you want to move back into it or put it on the property market, you’ll still be allowed to do so. It’s not an issue that needs to be worried about.
Another topic of the proposed Renters Reform Bill is the fixed-term tenancies aspect. This has started to cause concern among landlords as it proposes to end them and introduce periodic tenancies that do not have an end date.
Again, it shouldn’t be that big of a problem in the future. Most tenants will be looking for a home that they can stay in for a long period of time and not move just after a couple of months. Nonetheless, as letting agents, we have started to make sure that there is a system in place that works for landlords, and we’re firm believers that we have managed to get a perfect one.
Rent increases can happen but the new Renters Reform Bill proposes that tenants can take landlords to a tribunal if they don’t agree with them. Of course, this is something that will cause many to worry, but it needn’t.
Rent increases should be about the market value, and it can have a potentially negative impact on the tenant if they do go to a tribunal. They may find that they are paying under the value of the market, and if they disagree with a fair and true increase, they could end up paying more.
While there can be concern about its proposals, there is a long way to go regarding the Renters Reform Bill. At the same time, we don’t think that there is anything that landlords and those looking to buy-to-let need to worry about. The market still looks bright for investment properties.
If you’d like to reserve a spot on our Renters Reform Bill webinar and have all the information you need about it, please email us at [email protected]
