Manchester Lettings & The Renters Reform Bill

Manchester Lettings & The Renters Reform Bill

As a landlord in the Manchester lettings market, you're no stranger to the ever-evolving landscape of property legislation. At At The Place, we understand the importance of staying ahead of these changes. That's why we're here to guide you through the recently passed Renters Reform Bill, a piece of legislation that promises to bring significant changes to the private housing sector.

Introduced to Parliament in May 2023, the Renters Reform Bill aims to overhaul the landlord-tenant relationship, with a focus on enhancing tenant rights and protections. This legislation has garnered substantial support and criticism. But what does it mean for you as a landlord? Let's delve into the key reforms proposed by the Bill.

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Abolition of Section 21 Evictions and Fixed Term Tenancies

One of the most significant changes proposed by the Bill is the abolition of landlords' section 21 eviction power and the discontinuation of all fixed-term tenancies. This means that all tenancies will transition to a periodic format, rolling on a weekly or monthly basis.

Landlords will no longer have the power to evict tenants on periodic tenancies without reason. Instead, they will be given new and expanded grounds to end tenancies where they wish to sell or move family members into their property. This change aims to provide greater stability for tenants, but it also means landlords will need to navigate a new set of rules when managing their properties.

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Introduction of the Decent Homes Standard for Manchester Lettings

The Renters Reform Bill also introduces a legislative duty on private landlords to meet the Decent Homes Standard. This standard, which already applies to social housing, encapsulates basic standards of safety, repair, thermal comfort, and facilities for a dwelling.

The government estimates that 21% of private rented properties do not meet this standard and will require investment from landlords. As a landlord, this means you may need to invest in property improvements to meet these standards, which could impact your bottom line.

Prohibition of Blanket Bans

The Bill will make it illegal for landlords or agents to have blanket bans on renting to families with children or those who receive benefits. This change is designed to promote fairness and prevent discrimination in the rental market. As a landlord, you'll need to ensure your tenant selection process complies with these new rules.

At At The Place, we understand that these reforms may seem daunting. That's why our full management service is designed to help you navigate these changes. We're committed to ensuring your Manchester lettings remain compliant and profitable. We'll keep you updated with new bills such as the Renters Reform Bill, ensuring you're always ahead of the curve.

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In addition to these major changes, the Renters Reform Bill also proposes several other reforms. This includes the introduction of a single government-approved ombudsman to cover all private landlords in England. Furthermore, the prohibition of unfair rent review clauses, and the creation of a new property portal. This portal will hold information on every property in the private rental sector.

These changes will undoubtedly reshape the landscape of Manchester lettings. But with At The Place by your side, you can navigate these changes with confidence. At The Place is committed to providing you with the information and support you need to thrive.

Remember, as a landlord in the Manchester lettings market, you're not just providing a property; you're providing a home. By adapting to these changes, you can provide quality homes for tenants while ensuring your properties remain a sound investment.

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How much are estate agent fees?

How much are estate agents near me fees?

Typically, estate agents fees can reach heights of 3.6% of the sale price and can fluctuate based on the number of agents attempting to sell your property and the quality of your initial negotiations. In the year 2022, the average fee for an estate agent stood at 1.42%. Therefore, if your property was sold for a price of £275,000, the agent's share would be £3,900. It is worth noting that @ThePlace fees are considerably cheaper than these.

Should you use more than one estate agent?

Should you use more than one estate agent?

It's typically practical to engage two estate agents near me under a joint sole agency agreement for selling a single property only if you intend to hire a nationally operating specialist agent alongside a local generalist. For instance, you might prefer a national agent specialising in high-end properties, in addition to a local agent familiar with your area. Joint agency agreements often carry higher charges, usually around 2.4% including VAT. Engaging two local agents under a joint sole agreement usually doesn't make much sense, as their market coverage will overlap, and they won't be motivated to outdo each other to close the deal. Employing two estate agents also carries the risk of one agent attempting to benefit from the efforts of the other without contributing equally.

Do I have to pay estate agent fees if I decide not to sell?

Do I have to pay estate agents near me fees if I decide not to sell?

If you decide to pull out of a sale, it's customary to face charges to cover the expenses an agent has already incurred, like advertising. Also, it's standard to pay part or all of the estate agent's commission, but only if your signed contract includes a "ready, willing and able purchaser" clause. Essentially, this clause signifies that you're obligated to pay the agent for their work in identifying a potential buyer, even if unforeseen circumstances cause you to back out of the sale.

What is the best way to sell a house UK?

What is the best way to sell a house UK?

To maximise the sale price of your property, it's recommended to collaborate with a reputable local estate agents near me. Local estate agents are well-versed in the specific characteristics and trends of your area's property market. They have in-depth knowledge about the neighbourhood, understanding what attracts buyers and can accordingly highlight these features in their marketing efforts.

A good local estate agents also has a strong network of potential buyers, which can expedite the sale process. They can provide professional advice on the right pricing strategy based on comparable sales in your area and current market conditions. Additionally, their negotiation skills and expertise can help secure the highest possible price for your property.

Are estate agents regulated?

Are estate agents regulated?

The primary regulation of estate agents is dictated by the Estate Agents Act 1979 (EAA) and the Consumer Protection from Unfair Trading Regulations 2008. Beyond this statutory regulation, since October 1, 2008, all UK-based estate agents involved in residential estate agency work must be part of an approved redress scheme. They can choose either The Property Ombudsman or the Property Redress Scheme, a requirement put forth by the Consumers, Estate Agents and Redress Act 2007.

Will estate agents lie about offers?

Will estate agents lie about offers?

As part of the regulations associated with an ombudsman, estate agents are strictly prohibited from fabricating or concocting details about any existing or non-existing offer. Additionally, it is mandatory for estate agents to promptly communicate offers to the property sellers, and this must be done in writing.

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