Renters’ Rights Bill Update
Why has the Government introduced the Renters’ Rights Bill?
The Bill is designed to protect both landlords and tenants and provide a level of security that both sides can rely on.
Is there anything a Marsh & Parsons landlord should be worried about?
As it stands, there is nothing in the proposed Bill that will affect your rental or should concern you as a landlord. At Marsh & Parsons we remain committed to finding you the very best tenant, ensuring rent is always paid on time and any maintenance issues are managed quickly and effectively.
What will the Renters’ Rights Bill mean for landlords and tenants?
The new legislation will mean that landlords and tenants will no longer be able to agree to an initial minimum term. Most rentals will become an assured periodic tenancy where the tenant will have a 12 month protected term before you can give notice to regain possession. If your tenant wants to move out, they will need to give two months’ notice in line with the rent payment date. During this notice period, we will remarket your property to find a new tenant and minimise any risk of a void period where the property is vacant, making sure you continue to receive your monthly rent.
Will the new legislation come into force for new and existing tenancies at the same time?
All new and existing tenancies will be treated the same way, as the Bill is designed to protect both landlords and tenants, guaranteeing a level of security that both sides can rely on.
Under the new legislation, how will a landlord be able to regain possession of their property?
We want your tenant to remain in your property knowing they are in good hands. However, should you want your property back, the Bill provides a process for you to regain possession should you decide to sell, carry out refurbishment or redevelopment works or decide to move back in. Should a situation ever arise where your tenant falls behind on rent or there is evidence of antisocial behaviour, the Bill provides measures to regain possession.
As a landlord, how often will I be able to review the rent?
The Bill provides a process for an annual rent review and any proposed rent increase will need to be in line with local market rents. Our property experts will be on hand to manage this and communicate any changes with your tenant.
What are Marsh & Parsons doing to help me?
Our teams will continue to provide you with the very best service and keep you updated with any changes to your current rental. Our focus remains on ensuring we always find you the best tenant, rent is paid on time and the property is maintained to the highest standards.
We will continue to update you over the coming months, but in the meantime, should you have any further questions please do not hesitate to contact us.
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