The resolutions landlords need to keep
Don't fall off the wagon, the key to a successful 2020 is stay ahead of the regulation and communicate
By the time you read this, chances are you've already fallen off the New Year's resolution wagon. But if you're a UK landlord, who, it's fair to say have not had it easy of late, the key to a successful 2020 comes in sticking to these resolutions: .
1: Keep on top of regulation and tax changes: If the volume of recent changes to legislation in the last year is anything to benchmark against for the future, UK landlords need to make this their number one priority in 2020.
2: Easy as EPC: Back in April 2018, for any new tenancy, renewal or extension to be rented, the building must have achieved a minimum energy rating of 'E'. The rating is found on the Energy Performance Certificate for the building. As of April 1, 2020, the minimum level 'E' applies to all tenancies – including existing.
By far the most impact is by having a modern condensing type boiler. Otherwise, loft insulation and LED bulbs have an impact.
3: Deposit protection: As part of the Tenant Fees Act, landlords must remember to reduce deposits in line with the legislation before June 1, 2020.
Prior to the changes, landlords could take security deposits equivalent to five weeks' rent for new tenancies.
Although you are still able to hold deposits above the cap for existing agreements, they will need to be reduced in line with the legislation before June 1
2020 or the next time the tenancy renews before that date.
4: Repairs and maintenance: Spending a little can go a long way and makes sense. Good properties attract good tenants who will want to stay.
In winter especially, make sure the boiler is working and has been serviced. Don’t forget to give your tenants a copy of the annual gas safety report (a legal requirement). Check pipes, seals on windows and any sign of damp. Inspect drains, gutters and roofs.
Make sure there is a working smoke alarm installed on every storey as well as carbon monoxide alarms for solid fuel heaters.
5: Communication: One of the biggest complaints about landlords (after rent hikes and repair issues) is poor communication.
So maintain a regular dialogue with your tenant. Make sure any new tenant is given all the essential paperwork on moving-in day. If you can't be there, make sure a copy of everything is left in the property for them. You should look to cover things such as the EPC (Energy Performance Certificate), gas safety certificate, tenancy agreement and copies of manuals for the appliances etc.
Not essential, but a nice touch would be information on what day the bins go out, where the nearest shops are and most importantly, where a decent pub is (for those who have forsaken their own 'no drinking' resolution!)