When you’re looking to buy a leasehold property it is important to be aware of the pros and cons. The leasehold scandal currently overshadowing the housing market, in which thousands of homeowners are trapped in new-build properties they cannot sell, highlights the importance of understanding the implications of a lease agreement before you buy a property.
With the new university year beginning, there are opportunities for landlords to rent out rooms individually. The biggest advantage of renting rooms to students is that there is a consistent, strong demand for accommodation, depending on where you buy of course. In today’s market, students are not the only tenants looking to house-share. According to Ideal Flatmate, the average age of a room-share tenant is now 30 years’ old. Houses in Multiple Occupation (HMOs) are the second largest tenure in the UK; there are about 4.5 million HMO households in England.
While you were probably out enjoying the first day of summer on Saturday, the Tenant Fee Act 2019 (‘the Act’) came into force. The Act functions to crack down on unexpected fees from landlords and letting agents, and will impose hefty fines on anyone who fails to comply.
If you’re currently renting, or you’ve been thinking about entering into a tenancy agreement, you can breathe a sigh of relief. Some charges beyond your rent will still apply, but a lot more financial protections are now in place for tenants. Below QualitySolicitors looks at who is affected, what exactly the Act means, and what further implications there are for end of tenancy evictions.
The Secretary of State for Housing, Communities and Local Government, James Brokenshire, has proposed introducing longer tenancies for private renters. If the plan, which was tabled in July this year, is put into action it would mean landlords and tenants may have to commit to a minimum three-year residential tenancy term in place of the current six to 12 month tenancy agreements.