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

Contact us directly on 01768 892777 / 899421

Latest News

Notice to Quit

Late on Friday 28th August, the Government changed the rules applicable to the period of notice required from the Landlord and given to the Tenant in order to bring to an end an Assured Shorthold Tenancy! The change is justifed in the context of COVID19. Now, in order to end a tenancy, a landlord has to give not less that 6 months' notice. There are exceptions, such as cases in which the tenant is more than 6 months in arrears with the rent, anti social behaviour, domestic abuse.

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“Blaise Pascal – “All of humanity’s problems stem from man’s inability to sit quietly in a room alone” Whilst Government wishes us all to isolate ourselves, we still wish to undertake your business. However, we should observe our civic duty too. If your business with us can be transacted by telephone or email we invite you to adopt these methods. Visits to our office ought to be necessary and unavoidable and all reasonable precautions should be observable.

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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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