Help for landlords who struggle to keep up with pace of change
Many landlords in the UK are struggling to keep up with changes to the law that have been introduced over the past year, according to an independent survey.
Some 30 per cent do not understand the changes to House in Multiple Occupation (HMO) licensing, which came into effect in October 2018 and 28 per cent are not aware of the plans for the abolition of Section 21, to prevent unfair tenant evictions.
The survey commissioned by bridging lender Market Financial Solutions, also found that 27 per cent are uncertain about the tenant fees ban, with a further 19 per cent saying they understand the reform but are unsure how it will affect them.
When it some to tax, there was also significant confusion, with the poll showing that 28 per cent do not understand the reforms to inheritance tax that have changed the tax free allowance on properties being passed down and 25 per cent do not know about the reforms affecting tax relief on mortgage repayments, which were implemented in April this year.
The research also found that far more landlords opposed these reforms than supported them.
Some 44 per cent are against the banning of letting fees, compared to 23 per cent in favour, 37 per cent against the abolition of Section 21 with 16 per cent in favour, while 48 per cent are against changes to buy-to-let mortgage relief and 16 per cent for.