The Renters Reform Bill (the Bill) will introduce one of the most significant changes to rent law that has come about in many years.
As part of its mission to level up the UK, the Government says it will improve the lives of millions of renters by driving up standards in the private and social rented sector.
What landlords and tenants should know about the Renters Reform Bill
- A new Private Renters’ Ombudsman will enable disputes between private renters and landlords to be settled quickly, at low cost, and without the need to involve the courts.
- The Decent Homes Standard will be extended to the private rented sector (consisting of approx. 4.4 million households), giving all renters the legal right to a safe and warm home.
- A ban on Section 21 ‘no fault’ evictions, preventing landlords from terminating tenancies without reason.
- Reinforcement of landlords legitimate grounds for repossession of a property – i.e., antisocial behaviour from tenants or wilful lack of payment.
- A new property portal will be introduced to help landlords understand their obligations, give tenants performance information about their landlord, and assist councils work to crack down on poor practice.
Levelling Up and Housing Secretary Michael Gove said: “This is all part of our plan to level up communities and improve the life chances of people from all corners of the country.”
It is important to note that the bill still needs to be debated, and so amendments are likely before it becomes law.
Levelling up and regeneration
Plans to level up are not restricted to the private and social rented sector, however, as the Government has also announced a ‘Levelling Up and Regeneration bill’ centred around transforming towns and cities across the country.
The bill includes measures to revive high streets and town centres, and to deliver the high-quality homes that communities are in need of.
Accountants for landlords
Our team of chartered accountants and business advisers act for a number of private landlords, as well as residential property developers.
As well as advising you on how to operate your property business or portfolio in the most tax-efficient, profitable manner possible, we also follow legislative updates with interest and ensure you are kept informed of those impacting you.
If you are a landlord or property developer, looking for a trusted, knowledgeable firm of accountants, contact us today.
