The latest regulation changes landlords are facing are the new ‘right to rent’ checks. This means that from 1 February landlords risk a fine of up to £3,000 per tenant if they let a property to a prospective tenant without first checking they have the right to reside in the UK.
These checks have to meet the following requirements:
– Conducted within 28 days before the start of the tenancy;
– Conducted as specified by the Government and an appropriate record kept.
The Government has recently launched an online checking tool which can be used by landlords to conduct the right to rent checks and can be found here: http://buff.ly/1Wq9EaZ
So what if you’re considering becoming a landlord but are put off by the strict regulations you have to adhere to? Whilst the Government are introducing more and more legislation of late, it is important to remember there are still some benefits of becoming a landlord.
If you’re a landlord worried about the impending changes to the legislation, or if you’re considering becoming a landlord and would like to understand what is involved, please get in touch with Jonathan Cunningham (email@example.com) or call 01254 679131.
We are running a Buy-To-Let seminar to guide you through the recent changes and how you can maximise your tax efficiency with simple and practical advice. To book, please click the button below.