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Old Fees New Rules

The Tenant Fees Act 2019 (“the Act”), is a new piece of legislation banning certain types of fees in relation to the private rental sector, and came into force from 1st June 2019. This is part of a series of reforms to increase transparency within the private rental sector for residential tenants. We explain below who the ban applies to and which fees are banned. WHO THE BAN APPLIES TO? Currently the ban will only affect landlords, agents and tenants in England, in relation to the following types of tenancies: Assured shorthold…

Stamp duty change results in buy-to-let slump

Following the introduction of a stamp duty surcharge in April 2016 mortgage activity in the UK buy-to-let sector has plummeted. Changes implemented in April 2016 resulted in a 3% stamp duty surcharge on buy-to-let and second home purchases. This impelled a sudden surge in lending in February and March 2016 as landlords rushed through purchases to avoid the impending 3% increase in stamp duty tax. However, the spike in mortgage lending was short lived as a sudden and significant drop followed. The Council of Mortgage Lenders (CML) figures show that…

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