Lettings Updates on the London Property Market

Updates and commentary from the Lettings team on legislation, tax and all things property...

Improved tax relief for landlords

From 6 April 2016 landlords will be able to, for the first time, off-set the costs of replacement furniture and white goods against their rental income. Landlords are advised to wait until after this date to replace any items to take advantage of this new opportunity.

 

15th March 2016
Sophie Danes, Head of Residential Management 

 

 

What does Right to Rent mean for you as a Landlord?

Right to Rent: Immigration Act 2014. Following a successful pilot scheme in the Midlands, the government has passed legislation that from the 1st February 2016 all tenancies must pass mandatory checks for the tenancy to proceed.

An adult tenant or occupier must satisfy one of the three following criteria:

They are a British Citizen; or
They have the right to rent in the UK; or
They are an EEA or Swiss National

Principally checks will be carried out on passports and visas to ensure they have the right to reside in the UK, and the agent needs to inspect these documents in person and take copies.  Whilst an agent isn’t expected to be an expert in passports and visas, we have to remain diligent.  If the tenants do not meet this criteria then the tenancy would not proceed as it would not be lawful and the landlord may run the risk of facing criminal charges and a fine of up to £3,000 per occupier.

To ensure CBRE is fully compliant to this new legislation we have engaged with our 3rd party referencing company who will make certain our clients are fully compliant. 

 

10th February 2016
Sophie Danes, Head of Residential Management

 

Important legislation change affecting all landlords from 1st October 2015

It's been confirmed in the last few days that The Smoke and Carbon Monoxide Alarm (England) Regulations 2015 will come into force from 1st October 2015.  It stipulates that:

1. A smoke alarm is equipped on each story of the premises which is wholly or partly used as living accommodation;

2. A carbon monoxide alarm is equipped in any room which is used wholly or partly as living accommodation and contains a solid fuel burning combustion appliance; and 

3. The smoke and carbon monoxide alarms are in proper working order at the start of any new tenancy.

 

Enforcement:

1.  A local housing authority will serve a remedial notice on a relevant landlord, where they have reasonable grounds to believe the landlord has not complied with any one of the three duties set out above.

2.   If a landlord fails to comply with the remedial notice within 28 days of the notice being served, local housing authorities will impose a civil penalty charge of up to £5000 on landlords who are in breach of their duty to comply with the remedial notice.

Our response to this is robust and we will ensure all properties let through CBRE have these in place; safety and compliance are our priority and we will further make sure a Carbon Monoxide alarm is installed where a gas boiler is present also, as we foresee the legislation being amended shortly to include this.

For more informaiton about the changes affecting all landlords please click here 

If you have any questions, please contact Sophie Danes: sophie.danes@cbre.com

 

1st October 2015
Sophie Danes, Head of Residential Management