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Lettings Calendar Hangs on Red Tape

The 2020 calendar is packed with regulatory changes affecting landlords and us as agents. We all thought the past decade had been busy, but it seems the powers have gone into overdrive.

Last month saw the Anti-Money Laundering Regulations come into effect, ironically this fifth anti money laundering directive from the EU, came into play 21 days before we left the EU, but it is now on UK statute, including rentals of more than 10,000 euros per month and for the letting of land for a month or more.

March sees the 2018 Act, Fitness for Human Habitation, extend to more tenancies. April showers three updates namely: The grace period for Minimum Energy Efficiency Standards; client money protection for letting agents – this is different to the Tenancy Deposit Protection scheme and all managing agents in the private sector must be part of an approved scheme and adhere to all the bells and whistles attached; for landlords selling a buy to let after April 6, 2020 Capital Gains Tax Relief is likely to increase significantly.

Electrical Safety Standards and Tenant Fees are in the calendar for June, taking us half way through the year.  At Balfours we are constantly updating our systems and our professional competence to ensure our clients can enjoy the rest of their calendar.

To discuss the upcoming regulatory changes with an expert, contact Balfours Head of Lettings Charlotte George MARLA.

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