Rule changes on short term lets could see part-time landlords hit by a new tax bill from next year if they let out their whole property. Homeowners can earn up to £7,500 per year tax free by renting a room to a lodger, but the rise of the sharing economy and sites like Airbnb has seen many hobby landlords come into the market and use the tax break to offset income when they let the whole of their home out for short stays. Whether it’s property owners in SW London…
Following our article on the Deregulation Act 2015 and what it means for landlords, we set out below the major changes coming into force as of 1 October 2015. In relation to Assured Shorthold Tenancies granted on or after 1 October 2015 One of the most important changes coming into force is the prescribed form of Section 21 Notice. This form is annexed to the new regulations and must be used. The days of serving Section 21 Notices when the tenant signs the tenancy agreement will also be long gone.…
Over the last few years it has been widely reported in the media that the country has a housing crisis. With more and more people moving into rented accommodation, protecting tenants’ interests against rogue landlords has been high on the government’s agenda. Lobbyists have been calling for better protection for tenants, and landlords and practitioners have been requesting clarification on landlord’s responsibilities concerning the protection of tenant deposits. We reported last month that the House of Lords were to discuss the Deregulation Bill. The Bill received Royal Assent on 26…
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