Changes for landlords in 2020
January 29th, 2020
32 mins 5 secs
About this Episode
Every year brings new regulations and changes to the property market. Stuart and Simon discuss some of the changes landlords need to be aware of that are coming in 2020. With only a few distractions along the way.
The landlords changes in 2020 discussed are:
- All rental properties (including those with existing tenancies) must have an EPC rating of at least EPC E from April.
- The EPC Register site.
- Section 24 will be in full effect from April (the new tax year), meaning finance costs such as mortgage interest can no longer be claimed as an expense against rental income.
- PaTMa provides a free buy to let profit calculator that includes Section 24 estimates (make sure you scroll down). There's also a re-mortgage version of the buy-to-let calculator that can be used for existing properties or entire portfolios.
- The Tenant Fees Act 2019 prevented new tenancies from charging tenant fees, but where existing tenancy contracts included fee-charging clauses, those fees would still be due. From June 2020 these clauses are no longer valid and even existing tenancies can no longer charge fees.
- PaTMa has a free deposit calculator and the official Government guidance on the Tenant Fees Act is here.
- It looks likely that Section 21 is going to be removed at some point (probably not finalised in 2020).
There are a number of articles around listing these and other changes for landlords (and letting agents) in 2020. A couple of example are these from OpenRent and Letting a Property.