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

Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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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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