3 Real Life Ways Renters’ Rights Will Impact Wembley Landlords
We totally get that the upcoming Renters’ Rights Act is a huge challenge for landlords. Here we’ll try to help as best we can by looking at some concerns you might have. And offer some thoughts on how to deal with any challenges.
1. I won’t be able to sell my property. What if the market or my circumstances change? What if I really need to sell?
You will still be able to end the tenancy if you want to sell your property. (Or move into it yourself.)
But there will be new rules to follow.
You’ll need to give your tenant four months’ notice.
You won’t be able to do this in the first 12 months of a new tenancy.
If you later change your mind – or the property doesn’t sell – you won’t be able to relet it within a restricted period.
If you’re thinking of selling, it would be a clever idea to speak to a letting agent and an estate agent before deciding.
2. I won’t ever be able to raise the rent
You will still be able to raise the rent regularly.
But you will need to follow a specific process.
Rents can be increased once a year up to the current market rent level.
Market rent is the rent the property could earn if reoffered for rent now.
You’ll need to give the tenant two months' notice and issue a Section 13 notice.
Tenants will be able to appeal what they consider to be unfair increases to a tribunal.
Local lettings agents are best placed to advise you on current local market rents.
3. I could get stuck with a bad tenant – or a tenant who doesn’t pay – and never, ever be able to evict them
You will still be able to evict a bad tenant.
The main difference is that you won’t be able to use the Section 21 ‘no fault’ route as you may do now. You’ll need to issue a Section 8 notice.
You will need to use specific grounds for evictions, which are set down by the Act. These include anti-social behaviour and rent arrears, amongst others.
You will need evidence of your grounds to show to a court if it goes that far.
What to do now
The Renters’ Rights Act comes into force in England on 1 May.
The new law doesn’t mean you’ll lose control of your rental property. But it does mean you’ll need to do things differently.
We strongly advise you to review your tenancies ASAP. Are you happy with your current tenants? Is your rent set at the right level?
Take expert advice if you need it.
If you’d like to learn more about how our professional lettings and management service can help you survive (and even thrive) through the Renters’ Rights Act, please don’t hesitate to contact us.
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To find out more about what we do and why we passed the EAN test and are the only local agency in the network, contact us today.
