Key legislation dates for Landlords and Letting Agents
1 August 2021
Notice periods reduction for arrears of four months
1 September 2021
An end to Right to Rent COVID-19 temporary measures
30 September 2021
End to the Stamp Duty transition period
30 September 2021
End to the Furlough scheme
1 October 2021
Notice periods return to pre-pandemic levels
6 April 2023
Making tax digital
The Renters’ Reform Bill
Landlords and letting agents will no longer be able to accept an EEA passport or national identity card as proof of a tenant's Right to Rent, as the post-Brexit grace period is set to end. Instead, EEA and Swiss nationals and their family will require immigration status in the UK, just in the same way as any other foreign nationals. See how we're helping agents with their settled status right to rent checks here.
The Stamp Duty holiday as it currently stands (properties up to £500,000) will end on 30th June 2021 in England and Northern Ireland. However, to transition back to its original threshold and mitigate a 'cliff edge' deadline, from 1 July 2021, buyers only pay stamp duty with properties over £250,000. This holiday has helped to prop up the housing industry, as almost 9 in 10 properties have been exempted from stamp duty.
From the 1 June 2021, most tenants will be be required to receive four-months notice period for evictions, this is a reduction from the previous six months required. For serious cases, the notice periods are as follows:
The government has extended the ban on evictions until the 31 May. However, an eviction can still happen in limited situations such as if the tenant has at least 6 months' rent arrears or there has been antisocial behaviour. Furthermore, landlords are required to give 6 months notice before they can evict a tenant – this is also set to end on 31 May.
The Debt Respite Scheme (Breathing Space) will launch on 4 May. It will give someone in debt the right to legal protections from their creditors for up to 60 days; this includes renters. A mental health crisis breathing space is only available to someone who is receiving mental health crisis treatment. It lasts for as long as the person’s mental health crisis treatment, with an additional 30 days.
The deadline for agents to join a Client Money protection scheme is 1 April. Agents must comply with legislation by joining a Client Money Protection scheme. These schemes ensure that landlords and tenants are compensated if the agent is not able to repay their money. Regarding further agency legislation, RentProfile can provide a Landlord AML product for your agency, as well as AML checks on tenants, to stay compliant with Anti-Money Laundering legislation.
New Electrical Safety Standards in the private rented sector came into effect on 1 June 2020, for properties in England. For any existing tenancies made before 1 June 2020, checks must be completed before the 1 April 2021 deadline, and an Electrical Inspection Condition Report (EICR) must be obtained. You can read more about the changes to Electrical Safety Standards here. The EICR can be uploaded by agents as part of Onboarding, where the report is automatically sent to the tenant, alongside the tenancy agreement and any other documents required by law.
Announced at the 2020 Budget, non-UK residents who buy property in the UK will have to pay an additional 2% in stamp duty.