Waterlooville Landlords - PRS changes from Monday 1st April 2019
From Monday 1st April 2019, more changes will be coming into force that will affect landlords, are you aware of them?
Client Money Protection
If you use a letting agent as of Monday it is mandatory for the agent to have Client Money Protection. A membership of a CMP scheme protects the money of landlords and tenants against theft or misappropriation by the owner of a letting agent while it’s in their custody.
What is covered by CMP?
Any funds being held by the agent as a retainer for maintenance or repairs
How to tell if your agent has CMP
Agents who are members of ARLA Propertymark or NALS will already have Client Money Protection in place. It’s already a legal requirement for letting agents in England to display if they have CMP or not. If you still aren’t sure it is always advisable to ask the question.
Amendments to the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015
From 1 April 2019, the ‘no cost to the landlord’ exemption will no longer be available and will no longer appear on the Private Rented Sector Exemptions Register.
As a result, existing properties with the ‘no cost to the landlord’ exemption will be reduced so they do not appear on the PRS Exemptions Register after 31 March 2020 (instead of after five years). The Government has said that all affected landlords will be contacted directly at the start of April.
Under the new rules' landlords will be expected to contribute up to £3,500 (inc. VAT) per property to make energy efficiency improvements to raise a property’s EPC rating to a minimum of an E.
If the cost to achieve an EPC E exceeds £3,500, landlords will be able to register a ‘high-cost’ exemption on the PRS Exemptions Register providing that they submit three separate quotes from different installers that evidences a higher cost.
The ‘consent exemption’ will also no longer be available where a sitting tenant has refused a Green Deal finance plan.