At Oaks Estate Agents, we are pleased to say we work closely with landlords in Streatham and we are on hand to ensure you fully comply with all relevant regulations and rules. With this in mind Streatham landlords, are you set for 2019 regulation changes?
One of the biggest changes landlords will face this year is the ban on tenant fees. This will come into effect on the 1st of June and this will lead to tenants only paying their deposit and rent when they sign up for a new lease.
There will be some fees landlords can charge after this date. If a tenant loses their key, the landlord can charge a fee for the key to be replaced. Similarly, if a tenant makes a late rental payment, the landlord will be able to charge a fee for this.
However, a landlord will not be able to charge a fee for obtaining references or for carrying out an inventory check on the property.
Landlords will have to deal with the tenants fee ban
The big issue for many landlords is how they deal with the fall in opportunities to generate income for tasks that have to be undertaken. Landlords will still need to carry out reference checks and undertake inventory checks at the property. This means the landlord will have to subsume the cost of this work into their business but given that many landlords are already struggling to run their business, this may need some creative work or balancing.
If you are looking for assistance in this matter, come and speak with Oaks Estate Agents. We are pleased to say we offer a wide range of support and assistance for local landlords and we look forward to assisting you.
A cap on deposits will likely be introduced in 2019
It is also likely that 2019 will see a cap on tenants deposits being introduced. The current proposal is for a cap equating to five weeks’ rent for properties where the annual rent is less than £50,000. For properties where the rent is over £50,000 each year, the cap will be set at six weeks’ rent.
This will also impact on landlords, and it is best that letting professionals start to consider this matter now before it becomes an immediate issue they must contend with.
Three year tenancies are also likely to be introduced at some point this year, and these will likely come with a six-month break clause. There have been repeated calls for this style of agreement and the consistency will help many households, particularly those with children at school.
At Oaks Estate Agents, we know how challenging things are for landlords, and we look to provide you with as much support and guidance as possible. As Streatham property market specialists, we are here to support you and if you have any questions about new regulations for 2019, please get in touch.