Article DetailsLandlord Licences and Letting Agent Regulation |
| Date Added: May 06, 2009 08:45:25 AM |
| Author: Ian Brown |
| Category: Real Estate Press Releases |
| It has been reported that the Government will introduce a Green Paper in the next 10 days that will require all Landlords in England and Wales to be licensed. Previously, landlords of three storey properties which have 5 or more separate non related tenants have also been required to obtain a license (such as student houses). Landlords in Scotland have been required to hold a license since 2006The plan is that all private sector residential Landlords will be expected to pay an annual licence fee of around £50 in an attempt by the Government to stamp out poor Landlords who do not comply with safety regulations. It is not clear what the fee is supposed to cover.Will a certificate will be necessary for individual properties? Will Landlords will have to submit gas safety certificates along with license application, like an MOT for car tax. What is clear is that the legislation will be introducing a whole new layer and department of bureaucracy for the letting business.It is likely that the formality will deter smaller and one off investors in buy-to-let market, and pass on more expense to the tenant at a time when tenants are in more debt than any time in the last 20 years.The Residential Landlord Association is also expecting the license to be accompanied by the introduction of a statutory regulator for Letting Agents to tackle rogue agents. This measure is not expected to be an issue; most good letting agents will already provide redress for all their activities. Paramount Investments are specialists in sourcing freehold and leasehold pubs for sale and other pub company or brewery investment opportunities in England, Scotland and Wales for potential property investors.
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