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The latest residential property market news and opinions, plus news about Centrick
The proposal to introduce a new licensing scheme for landlords in Nottingham has now been formally confirmed by the Minister for Housing and Homelessness. The implementation date will be 1st August 2018.
Councillor Jane Urquhart, the Council’s Portfolio Holder for Planning and Housing, said: “Alongside building new houses and taking tough enforcement action against rogue landlords, we believe introducing a new licensing scheme for landlords is one of the most important measures we can take to improve the quality of housing in the city, which is why we made it a key objective in the Council Plan published last year.”
Following the July Executive Board decision Councillor Urquhart said: “We have listened carefully to the issues raised in the consultation and made changes to the proposed scheme without losing focus on the improvements it sets to achieve in the overall standard of private rented housing in the city. Reducing the cost of the licence for landlords who have accreditation creates even more of an incentive for landlords to obtain it to demonstrate that they meet the required standards so we would encourage them to make an application now via DASH or Unipol.”
The submission made to the Secretary State requests approval for a ‘Selective Licensing’ scheme which would require private landlords to obtain a licence demonstrating that they and their properties meet required standards. The proposed cost of the licence for landlords who already have accreditation, is £400 (reduced from £460 following feedback from landlords as part of the consultation). This would mean the cost of a licence for accredited landlords would reduce to £1.54 a week over the five years of the scheme. The proposed cost of a licence for non-accredited landlords is £655 per property for 5 years. Whilst the fee may change prior to the implementation of the scheme, any changes in the fee are likely to be no more than 20% of fee proposed.
If you are currently not accredited, Centrick Property can assist you in obtaining one, thereby saving you £255 against the proposed total cost for a 5 year licence…
Landlords won’t have just this legislation to contend with in the coming months and years, there are four other key areas of legislation that landlords need to be aware of to maximise the return from their investments and ensure that they comply with the latest legislation:
The tax relief that landlords of residential properties get for finance costs is being restricted and will be fully in place from 6 April 2020. We have trusted partners on hand to offer the best advice.
From 25th May 2018, landlords must safeguard tenant’s data, making sure that they only pass it on if you are legally entitled to do so, and not retaining it for longer than necessary. We can advise you further on the intricacies of this legislation.
From April 2018, it will be unlawful for landlords to let properties with an EPC rating of “F” or “G”. We can assist with bringing your property up to standard if required.
Where a landlord fails to meet their obligations to provide suitable habitation, tenants will be permitted directly to take their landlords to court. We can help prevent this occurring to you.
For more FREE, honest advice and to discover why Centrick Property is the No.1 Letting Agent in Nottingham City Centre, please feel free to call me on 0115 855 9720 (option 1), email firstname.lastname@example.org or pop into our property lounge on Queens Road for a drink and a chat, where I would be happy to discuss your requirements and how we can help you…
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