Latest on the Renters' Rights Bill... Everything you need to know 👍
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
This week has been all about the Renters' Rights Bill (RRB), the first reading of which took place in Parliament a few days ago...
First and foremost, we are completely up-to-date with these proposals and already have strategies and plans in place to ensure our customers are 100% looked after i.e. if you're reading this and worried about these reforms, don't be...
You are in safe hands with our expert team ✅
The second reading took place yesterday, with a debate over the main points before it then proceeds to Committee Stage after a vote.
Overview of proposals
🔸 No more Fixed Term Tenancies
🔸 All Tenancies will be either be monthly, or a period of 28 days (or shorter i.e. weekly or fortnightly periods) - yes confusing! If a tenant wishes to leave, then it must be served in writing and be at least 2 months long, to end on the last day of a rent period
🔹 Possession Notices
🔹 No more Section 21 notices; Landlords can only use Section 8
🔹 Grounds 1 and 1A, which are the family moving back in and selling grounds respectively, have had their notice increased to 4 months to the Tenant, and they cannot be used in the first 12 months of a new Tenancy (i.e. each new occupation). If a Landlord uses either of these two grounds, they will be prohibited from marketing or allowing a Tenancy to be created for 12 months from the Section 8 being served
🔹 Ground 8, which is the mandatory rent arrears, has had the notice period increased to 4 weeks (from 2 weeks), and they must now be 3 months in arrears at the time of service and the court hearing (up from 2 months)
🔸 Rent Increases
🔸 Once a year using Section 13, giving the tenant 2 months’ notice (up from 1 month). The Tenant can challenge the validity and/or rent level stated on the Section 13 via the First Tier Tribunal
🔸 The decision must either be the determined open market rent, or the rent stated on the Section 13, whichever is the lowest
🔸 That new rent will take effect from the date of the determination, not the date on the Section 13. If the tribunal considers hardship to be a factor, they can delay the implementation by a further 2 months from the date of the determination
🔹 Ban on bidding wars
🔹 Landlords and Agents will not able to encourage higher bids than the advertising price of a property. Our view... Advertising prices will be pushed higher
🔹 Other Proposals
🔹 The rest of the RRB is very similar to the old proposal
🔹 Awaab's Law on damp and mould is included
🔹 Decent Homes Standard will apply to the Private Rented Sector
🔸Timescale and process before the Bill becomes Law:
🔸Estimated to be enacted by early 2025 or that summer
🔸Note that Bills are not Laws... Laws are Acts
🔸 Acts start off as Bills, they pass through parliament as being introduced, debated, amended, voted (Houses of Commons and House of Lords) and when agreed, sent for Royal Assent
🔸Once a bill successfully passes through all these stages, it is sent to the King for what's called, 'Royal Assent'
🔸It's only with the Monarch's agreement that bills can become Acts i.e. become enforceable by law
🔸The legislation may commence immediately, after a set period or only after a commencement order by a Government minister
🔹 Further reading:
🔹 Renters' Rights Bill, PDF download all 226 pages of it here 📩 And if that wasn't enough bedtime reading, here are 180 pages of Explanatory Notes 📖
📢 Our trusted Scott will ensure everything is in place as things develop, and will keep you posted with developments... 📢
As mentioned above, we look forward to guiding our customers seamlessly through the changes ☑️
📸 Scott Sneath, Director of Operations and Finance at Cavendish Residential 📸
☎📧🗨
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#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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