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Private sector landlords are being urged to make sure they are aware of changes to legislation, as failure to comply can result in hefty fines.
Direct Line for Business is warning landlords to make sure they are aware of their obligations and understand how the recent and future changes will affect them as landlords and affect their rental income.
Multiple measures have been introduced by the government in an attempt to slow the pace of buy-to-let sector growth. These include the abolition of the wear and tear allowance, an extra 3% stamp duty on the purchase of second homes, the restriction of mortgage interest tax relief, Right to Rent legislation changes, and licensing changes for HMO landlords.
Furthermore, in April 2018, new energy efficiency regulations will be ushered in which will make it illegal for landlords to let a property if that property does not achieve an Energy Performance Rating (EPC) of at least E. Landlords who break the rules, inadvertently or not, may receive a fine. It's therefore vital that anyone renting a property is aware of changes in regulation before any such regulations take effect.
Business Manager at Direct Line for Business, Christina Dimitrov, said: "Being a landlord in the current climate can be a profitable business...However, with so many changes taking place, and with more on the horizon it’s essential for any landlord to be fully up-to-speed with legislation, as the penalties for breaking the law can erode any potential profits."
Landlords are advised to get advice from their letting agent should they be concerned about legislation changes and what they might mean for their rental property and income.
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