The Impact of the Renters (Reform) Bill Landlords Should Be Aware Of
The Renters (Reform) Bill, introduced to Parliament on 17 May 2023, aims to deliver a fairer, more secure, and higher quality private rented sector for both tenants and landlords. If you are a landlord, it is important you understand the significant changes and how they may impact your business.
What are the key changes of the Renters (Reform) Bill?
Abolishing Section 21 'No Fault' Evictions:
- Transitioning to a simpler tenancy structure where all assured tenancies are periodic.
- Providing more security for tenants by eliminating the fear of eviction without reason.
- Empowering tenants to challenge poor practices and unfair rent increases.
Introducing More Robust Possession Grounds:
- Allowing landlords to recover their property under specific circumstances.
- Enabling property sales or the need for landlords to move in close family.
- Simplifying the repossession process for tenants at fault, such as cases of anti-social behaviour or repeat rent arrears.
Application of the Decent Homes Standard:
- Ensuring that tenants obtain safer, better quality, and better value homes.
- Raising the overall living standards within the private rented sector.
Introduction of an Ombudsman:
- Establishing an independent authority for resolving disputes.
- Providing a more efficient alternative to court proceedings for both landlords and tenants.
Introducing a Property Portal:
- Assisting landlords in understanding their obligations.
- Equipping tenants with performance information about their landlord.
How to navigate these changes and comply with the new regulations
As a landlord, it is incredibly important that you understand how these changes may affect you and your business. If you do not follow the new regulations, you could be at risk of incurring a regulatory breach, carrying a potential criminal liability and a £30,000 fine.
Wolferstans Solicitors are here to help you navigate these changes, ensure you are complying with the new regulations and assist you with achieving your commercial aims. We offer expert property advice and are happy to offer a free initial discussion about your needs or answer any questions you might have.
Don’t wait until it’s too late - contact our legal experts today to learn more about the Bill and how it may affect you.
“I have the pleasure of working with Gareth White on a legal matter and I couldn't be more impressed with his professionalism, expertise, and dedication. Gareth always goes above and beyond to ensure that my case is handled with the utmost care and attention to detail…”
Visit our page on Review Solicitors to read the full review.