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As a landlord, staying informed about legislative changes is crucial to ensure compliance and maintain a positive relationship with your tenants. The Renters' Rights Bill, set to become law in October 2025, introduces significant reforms to the private rented sector. Here's what you need to know:
Abolition of Section 21 Evictions
One of the most notable changes is the abolition of Section 21 'no-fault' evictions. This means landlords will no longer be able to evict tenants without providing a valid reason. Instead, Section 8 will become the primary method for eviction, with updated and expanded grounds for possession. For instance, landlords can now evict tenants if they wish to sell the property, provided they give four months' notice and the tenants have lived in the property for at least 12 months.
Transition to Periodic Tenancies
All fixed-term assured shorthold tenancies (ASTs) will convert to periodic tenancies overnight once the bill becomes law. This change offers tenants greater flexibility, allowing them to give two months' notice to end the tenancy at any time and for any reason. While this may seem daunting, it's unlikely that tenants will move out immediately due to the associated time and cost of relocating.
Rent Increases Limited to Once a Year
The Renters' Rights Bill also limits rent increases to once a year. Serving a Section 13 notice will be the only way to raise the rent, as rent review clauses, renewals, and written agreements will no longer be applicable.
Enhanced Tenant Protections
The bill introduces stronger protections against backdoor evictions, ensuring tenants can appeal excessive above-market rents designed to force them out. Landlords can still increase rents to market price, but an independent tribunal will make a judgment if needed.
Private Rented Sector Landlord Ombudsman
A new Private Rented Sector Landlord Ombudsman will provide quick, fair, impartial, and binding resolution for tenants' complaints about their landlord. This ombudsman will also offer landlord-initiated mediation, enabling disputes to be resolved before escalating to court.
Decent Homes Standard established
Private rental homes need to meet minimum standards. Landlords who fall below these standards can be fined up to £7,000 by local councils and may face prosecution.
More freedom to have pets
Tenants will have more freedom to request a pet. However, landlords can require a tenant to have some form of pet insurance to protect against pet damage. The landlord could also take out this policy and charge the cost back to the tenant (the Tenant Fees Act 2019 will be amended to allow this).
Private Rented Sector Database and Landlord Ombudsman set up
A new digital database will provide transparency on landlord compliance. Every property must be registered on the database and the database will need to be kept up to date with compliance documents such as the EICR, Gas Safety Certificate and EPC.
The landlord ombudsman scheme will provide a fair and resolution service to settle disputes without the need for court involvement. Every landlord must be registered with the scheme.
Tenant Discrimination Banned
Landlords can’t refuse tenants just because they have children or are receiving benefits.
Key Takeaways for Landlords
While the Renters' Rights Bill brings significant changes, it's essential to understand that these reforms aim to create a fairer and more secure rental market for both landlords and tenants. By staying informed and adapting to these changes, landlords can continue to provide quality housing and maintain positive relationships with their tenants. At Robert Williams will be taking every care to look after our client's best interests and to keep their properties fully compliant.
For more detailed information, you can refer to the official guide on the Renters' Rights Bill on the GOV.UK website.
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From 1st April 2025, significant changes to Stamp Duty Land Tax (SDLT) will come into effect, impacting property buyers across the UK. These changes mark the end of the temporary increases to the thresholds that were introduced in September 2022.
Stamp Duty, or Stamp Duty Land Tax (SDLT), is a tax levied on the purchase of residential property in England and Northern Ireland and is paid by the buyer within 14 days of completion, although it is usually settled by the conveyancer on behalf of the buyer on completion, as part of the legal process.
The amount of SDLT liability depends on several factors, including the property's price, the buyer's residency status, and their status as a buyer whether it’s a home move, they’re a first-time buyer or they’re purchasing additional property. The rates increase proportionately with the price paid for the property.
The key changes to SDLT rates from 1st April 2025 are:
- The most impact will be caused by the nil rate threshold, which is currently £250,000 but returning to the previous level of £125,000. The next ‘portion’ of £125,000 will be liable at 2%.
- For first-time buyers, the nil rate threshold will drop from £425,000 to £300,000. This means that first-time buyers will now pay 5% SDLT on the portion of the price paid between £300,000 and £500,000.
- The maximum purchase price for which First-Time Buyers Relief can be claimed will decrease from £625,000 to £500,000. For first timers buying a property above £500,000, the standard £125,000 threshold will apply.
Buyers purchasing additional properties (buy-to-let and second homes) will continue to face a 5% surcharge on top of the standard SDLT rates, and for overseas buyers, the surcharge remains at 2%.
All buyers will see an increase in SDLT costs due to the lower nil rate threshold. For instance, the SDLT liability for a property worth £348,000 will increase from £4,900 to £7,400, worked out as 0% on the first £125,000, 2% on the second £125,000 and 5% on the remaining £98,000.
It’s important to factor in the additional cost of SDLT when budgeting for a purchase. It is possible for some buyers to add it to their mortgage but the factors to consider here are the interest payments on that additional sum over the long term, and whether it affects the mortgage rate due to the increased loan-to-value ratio. Your lender will be able to advise further on this.
To discuss your home moving options or to find a property at the right price for you, get in touch – we’ll be happy to help.
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A property survey is an inspection and report that can help you to better understand the condition of a property and identify any issues it might have.
When you apply for a mortgage, your lender will carry out a valuation survey – this is purely to satisfy the lender that the property represents sufficient security for the loan. This could be desk-based or may involve a drive-by; its scope is limited, and you may not get a copy of the report.
So, it’s advisable for buyers to commission their own survey, particularly in the case of older and period homes. Our home is our biggest investment, so it’s best to be reassured that everything is ok in advance, rather than encountering a nasty surprise when it’s too late. Be sure to use a surveyor accredited by the RICS (Royal Institute of Chartered Surveyors) or the RPSA (Residential Property Surveyors Association).
There are generally three survey options.
The RICS Home Survey – Level 1 is most suited to standard, modern properties. Without going into any detail, it gives a basic overview of the property’s condition and highlights any significant issues.
In most cases, the RICS Home Survey – Level 2 (previously the Homebuyers Report) or the RPSA Home Condition Survey should be adequate. This mid-level survey is suited to most conventional properties in a reasonable condition and evaluates their overall condition and state of repair. It highlights any problems that might affect the property’s value as well as issues such as damp and subsidence, and anything that doesn’t meet current building regulations. It also includes advice on repairs and ongoing maintenance. However, the surveyor doesn’t look under floorboards, etc, so this report identifies surface-level issues only. This costs upward of around £500, depending on the property and its location.
The RICS Home Survey – Level 3 or the RPSA Building Survey, often referred to as a ‘full structural’ survey, is the most comprehensive survey and is most suited to properties over 50 years old, those unusual in design or in a poor condition. Here, the surveyor gets down and dirty in the attic, under floorboards, etc, to conduct a thorough inspection and produces an in-depth analysis of the property’s structure and condition. The Level 3 report is priced from around £700.
If you’d like to discuss this in more detail, call or WhatsApp us on 01392 204800 – we’ll be happy to help.
Join our Q&A with Oliver - if you have any property-related questions, just ask!
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Our esteemed auctioneer and sales consultant, Richard Copus (FNAVA FNAEA (Hon’d) CPEA), explains ‘unless sold prior’…
Most properties that are listed for sale by auction also state ‘unless sold prior’. Why is this and what does it mean?
Most auction listings say this for a number of reasons:
Firstly, if this is not stated and the property is sold before the auction, it could leave the auctioneer liable to having legal action taken against them by a disgruntled prospective bidder who had geared themselves up to bid on the day.
Secondly, sometimes there is not a lot of interest when a property is being marketed but there is one person particularly keen to buy it. In this case, the auctioneer might recommend to the seller that a bird in the hand is worth two in the bush and to sell prior to this person would mean a quick sale and would also prevent the stigma of an unsold property if it were to continue to the auction.
Thirdly and importantly, auction conditions still apply to a ‘sold prior’ sale, so ‘sold’ means exactly what it says. It is not ‘sale agreed’ or ‘sold subject to contract’. If someone makes an offer before the auction and the seller chooses to accept it, they must exchange contracts immediately, just as they would in the auction room. They will have read through the exchange-ready legal pack so have no reason for any delay. The buyer signs the sales memorandum just as they would do at the actual auction and pays the 10% of the purchase price likewise to secure the transaction. Completion is usually the date provided for in the contract unless changed by mutual agreement.
Properties that are sold by auction are generally niche, unusual in some way, or in need of renovation or repairs. It is worth noting that a good auctioneer knows their market, they know who has downloaded the legal pack, they may well have spoken with the interested parties, and it is with this knowledge and their experience that they make recommendations.
It is bad practice for an auctioneer to set up an auction sale with the intention to sell the property beforehand. It does happen sometimes and can lead to problems when more than one person wants to buy it – after all, the whole point of an auction is ultimately to encourage people to bid against each other, to achieve a secure sale at the best price.
If you are buyer desperately keen to buy the house of your dreams and have it taken out of the auction, don't be frightened to make an offer via the auctioneer, but don't fall into the trap of thinking that you will then have time to sort out your finances. Sold means sold now!
For more information on selling by auction, see the 'Auctions' page of our website under the 'Services' button. If you have a property that you'd like to discuss selling by auction, give us a call or WhatsApp us on 01392 204800.
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We're pleased to bring you the latest mortgage update from our colleagues at The Mortgage Quarter.
Interest rates
The Bank of England has held the base rate at 4.5% this February, providing some stability for borrowers and homeowners. While rates remain unchanged for now, this decision offers a steady footing for those looking to secure a mortgage or remortgage in the coming months.
Great news for buyers!
Mortgage rates are becoming more competitive! The lowest available rate currently sits at 3.97% on a five-year fixed purchase deal, offering stability and peace of mind for those looking to secure their mortgage in the long term.
It's important to note that the lowest rates aren't always available to everyone, as they depend on factors such as deposit size, credit history, and individual lender criteria. However, there are still plenty of competitive options available.
High-Street lenders
For the first time in a while, high-street lenders have broken the sub-4% interest rate mark, with rates as low as 3.99%. This is a positive sign that lenders are feeling more optimistic about the market, making homeownership more accessible for buyers.
If this trend continues, we could see even more lenders following suit with rate reductions, creating better opportunities for those looking to secure a mortgage.
We can help
Now could be a good time to explore options. If you're looking to move home, check out our listings of property for sale, give us a call on 01392 204800 or WhatsApp us - we'll be pleased to help.
If you need a mortgage to purchase a home, or if it's time to re-mortgage, get in touch with the team at The Mortgage Quarter to see how they can help find the right mortgage deal for you.
☎️ 01392 660219
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🌐 www.themortgagequarter.co.uk
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