If you are a landlord looking to rent your property, you must be already taxed with a lot of property management duties apart from letting. With constant updates to the rules and regulations of letting a property, it can get a bit tiring to keep up. If you want to ease the process you can connect with experts like letting agents in St Albans to help you let your property. Here is a list of the latest information landlords should know before renting their property in 2022.
Anti-Covid-19 Measures to be implemented
The government has issued new recommendations to help prevent Covid-19 from spreading in rental homes. If you, a renting agent, or contractors need to visit the tenant’s home, make sure it’s adequately ventilated. During the visits, you should advise the renter to keep windows or doors on opposing sides of the room open, according to the instructions. You must also make sure that any little vents or grilles at the top of windows are open and unimpeded. If someone in the property develops Covid-19 symptoms, you won’t be able to access it for repairs or safety checks. The sole exception is if the repairs are necessary to address a direct safety concern for the inhabitants or the general public.
Get Ready for New Energy-Efficient Regulations
The government is expected to push through new energy efficiency regulations for rental homes in England and Wales. According to the new standards, all rental units must have an energy performance rating of C or higher. Rental properties must have at least an E rating under current legislation. Landlords will now have until 2026 to meet the conditions for any new rental agreements, according to the government. Landlords will also have until 2028 to comply with any tenancy agreements that already exist. The maximum amount you’ll have to spend to make each property energy efficient has been raised from £3,500 to £10,000. Landlords are expected to spend an average of £4,700 per home, according to the government.
According to Shawbrook Bank data, 17 percent of landlords have taken steps to increase the energy efficiency of their property, with portfolio landlords accounting for 22 percent (landlords with four or more buy-to-let properties). For example, 22 percent of landlords who had renovated their house had rebuilt the boiler and heating system, another 23 percent had replaced the windows, and 18 percent had installed new white goods. All of these actions may have an impact on a property’s EPC rating, assisting landlords in reaching a C or higher rating.
Pet Bans Will Be More Difficult Under New Rules
New guidelines have been enacted to make it more difficult for landlords to prohibit dogs from their houses. The government has changed its sample tenancy agreement to indicate that you can only refuse well-behaved pets if you have a good reason, such as a shortage of room. While the government can advise landlords to implement the standard tenancy agreement, it is not required by law. This means that tenants must still acquire formal permission from the landlord before bringing a pet into the house.
Carbon Monoxide Safety Rules Have Been Improved
Landlords are required to install carbon monoxide monitors under new legislation that went into effect last year. Where there are new or existing equipment, such as gas boilers or gas fires, the detectors must be placed. If carbon monoxide detectors fail, it is the landlord’s responsibility to repair or replace them. These regulations are intended to better protect tenants from carbon monoxide poisoning.
Extra Time for Capital Gains Tax Filing
On the tax front, there is some good news! If a landlord sells a rental property, they will have extra time to pay capital gains tax. When selling a buy-to-let home, landlords now have 60 days to declare and pay the tax. The term is twice as long as the previous one, which was 30 days. Last year, the Chancellor announced these measures in his Budget.
Increasing the Number of Local Licensing Programs
In 2022, landlords may be required to comply with new local licencing schemes. If a landlord lets Houses in Multiple Occupation, a licence is already necessary (HMO). Landlords owning other types of property may also be required to obtain licences in some locations by some councils. Despite the fact that the government recognised several flaws in the selective licencing system, it continued to encourage its usage. Following the evaluation, more local governments have begun to implement additional licencing regimes. This pattern is anticipated to continue till 2022.