Why landlord advice is critical during challenging times

Why landlord advice is critical during challenging times

Fran Mulhall, explains the key challenges faced by UK landlords and why it's vital that they seek support from an informed agent who knows what they're talking about.

Fran, who is the Regional Operations Manager at GFW Letting, had this to say: “2016 and beyond will bring a number of key legislative changes that landlords across the country must know about and understand the implications they bring. Here I briefly explain what they are and how landlords can be guided through the changing market.

First off, the three percent increase in stamp duty tax on buy-to-let (BTL) properties in April will have a big impact. It will cost more to purchase a BTL property which could make it harder for new landlords to enter BTL market and for existing landlords to add to their stock. Then there’s the abolition of the wear and tear allowance and the removal of loan interest relief.

Wear and tear allowance can be claimed to cover the cost of replacing furnishings and this is calculated at 10 percent of net rents. From April however, landlords will only be able to claim on actual amount spent, not the 10 percent as a standard claim. April 2017 sees the end of deductions on mortgage loan interest rates so you can understand what the potential losses could be for landlords.


The changes will turn up the heat on landlords across the UK so it is vital that they use respected property agents that are informed and up-to-date with key legislation and realise how they impact their assets not just now but in the long-term. Indeed, the role of the letting agent is even more pivotal than before - we need to guide, advise and support landlords as part of our offering and continually provide a quality and transparent service. Anything less will only serve to create a black hole of misunderstanding in an increasingly challenging market.

As an agent I know first-hand how crucial our role is to ensuring landlords are advised and supported appropriately. I would advise any landlord to ensure that they feel 100 percent confident that their current agent will inform them of any new law or change in law and how this will affect them and the steps they should take to protect their assets. An educated, responsible and engaged agent makes a huge difference and landlords should not accept anything less when it comes to the care of their often lifelong investments."

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Latest Comments

Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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