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.
- 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 From June 2020 these clauses are no longer valid and even existing tenancies can no longer charge fees.
- It looks likely that Section 21 is going to be removed at some point (probably not finalised in 2020).