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

Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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Bertrand
Bertrand 17 May 2017

First step to nationalisation of the private rented sector IMHO. Nanny state poking their noses into things yet again. I object, as a decent landlord, sometimes having to deal with some pretty awful tenants,...

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Izzy
Izzy 16 May 2017

This is such a great a post. I love the detail you've gone into. It's a very useful article for helping those who are looking at deciding which sector they would like to go into! When I first started investing...

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paul burnham
paul burnham 30 Apr 2017

Jeremy Corbyn's pledge that a Labour government would build 500,000 new council houses must electrify the general election campaign. Reliance on markets and the profit motive has brought huge housing-related...

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CommercialTrust
CommercialTrust 28 Apr 2017

Sadiq Khan?s announcement of an online database of landlords and letting agents who have been convicted of housing offences, appears on face value to be a variation of the already implemented Database

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warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

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Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

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Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

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MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

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bnellyb
bnellyb 08 Apr 2017

There will be an exodus of private landlords over the next 5 years as tax changes take effect, private landlords provide an important service to the rental market, why do housing associations and councils...

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Fred Cassman
Fred Cassman 07 Apr 2017

"Make it look like you are at home": often people forget this and share on facebook their location!

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jared townsend
jared townsend 05 Apr 2017

It'll be interesting to see how & if the Government's asset sale regarding mortgages helps

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