Landlords still have time to get ready for yet more changes coming in 2020.
MEES (minimum energy efficiency standards) came into force in 2018.
New legislation now states that properties with an EPC rating of F or G will be classed as unrentable from 1 April 2020 and must not be let unless they have an EPC grade of E or higher. Some exemptions may be available, for example with Listed Buildings.
Electrical installation checks - in January the Government announced that mandatry 5 year electrical installation checks would be introduced.
New tenancies from 1st April 2020 will have to have an electrical test certificate from a qualified electrician in place prior to the tenancy commencing. For existing tenancies, the properties must have an electrical test certificate in place by 1st April 2021. We are working with local qualified electricians to schedule this work and would strongly recommend that it is not left until early 2021 for existing tenancies as the demand for certificates will undoubtably see a spike as the deadline approaches.
Tax relief will be further reduced from April 2020. Landlords will receive a tax credit of 20% on their interest payments from that date.
Finding it difficult to keep up with the changing Lettings scene?
Now is the time to get the security of a Managing Agent to help you with your property needs.
Call Amanda Brice or Tom Barter on 01684 575100 to discuss your requirements or use the "contact us" button on this website.