1a St. Andrew's View, Penrith, Cumbria, CA11 7YF

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Latest News

Tax on Residential Rental Income - Comment

Tax on Mortgage Interest – following s.24 of George Osbourne’s 2015 Finance Act, Landlords are less and less able to offset mortgage interest on let residential property against rental income. By 2020/2021, no interest will be offset at all. This results in finance interest being taxed as turnover and profit. If interest rates rise, this could result in the tax bill being greater than profit, resulting on losses from letting property.

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The Tenants' Fees Bill 2019

The Tenants’ Fees Bill received Royal Assent on the 12th February and will come into effect on the 1st June 2019. From that date, neither Landlords nor Agents will be able to charge tenants and applicants for anything other than costs reasonably incurred during the tenancy and must provide evidence to support any charges before they can be imposed. Application fees and processing costs are outlawed and any costs incurred in processing an application and granting a tenancy will have to be carried by the Landlord or Agents.

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RICS UK Residential Markets Survey

  Latest findings of the RICS UK Residential Markets Survey conclude that nationally, demand from applicants is holding firm, but the supply of new properties is declining. This is predicted to result in a modest rise in rents over the next few months, with the rate outstripping the rise in general prices. Regionally, however, demand across the north has dropped, with a greater drop in the number of new instructions, so whilst rents here are likely to rise, the increases are not likely to be as great.

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Listed Buildings and Letting

The common belief that a Listed Building does not require an Energy Performance Certificate and does not have to comply with MEES is incorrect. Listed residential property that is to be let on an Assured Shorthold Tenancy has to undergo the draft EPC assessment process as a minimum and what happened next depends on the results.  The position is likely to change as a consequence of changes to the legislation being considered now by Parliament but for the present, owners of Listed buildings should not assume that the rules do not apply to them.

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