Superstrike v. Rodrigues
The judgment in this case which related to the requirement to issue new prescribed deposit information when a tenancy went periodic has now been overturned. So any deposits taken after April 2007, that were protected with the prescribed information, have been served at some stage during the initial tenancy, will be treated as if the prescribed information had been served on every renewal or whenever a statutory periodic tenancy arose.
Private Rented Sector
The PRS continues to show good growth and now accounts for 19% of the residential market, a share last seen in the 60's! This trend is projected to continue growing and should reach 20% before 2020. Research presented at the conference also highlighted the following:
Young professionals' reasons for renting: 17% saving for a deposit ; 27% don't meet mortgage criteria ; 28% can't afford to purchase in the area ; 32% don't wish to purchase/lifestyle choice ; 44% don't have a mortgage deposit
In the South East, 32% of tenants report that rental represents 40% of net income and over 50% stated that allocated/off-street parking and on-site fitness centre/gyms are considered important in choosing a property to rent.
Smoke and CO Alarms
New legislation is anticipated to take effect in October 2015 where all rented properties will be required to have smoke and carbon monoxide alarms installed.
Energy Performance Certificates
It is anticipated that by 2020 the minimum EPC band permissible for a rental property will be Band E.
Section 21 Notices
There will be upcoming changes to the serving of Section 21 notices. The Sec 21 notice change is in terms of timing of the notice and a tenant will be protected from â€œretaliatory evictionâ€ by landlords having received a complaint regarding disrepair in a property etc. This could lead to the need for more Section 8 notices to overcome the blocking of Sec 21 notices once a complaint is lodged etc.
Using an ARLA Licensed Member
Not all letting agents are ARLA licensed! By using an ARLA licensed agent you will have the services of a qualified and trained agent and the peace of mind that your money is protected by a Client Money Protection Scheme. Read more on the importance of an ARLA licensed agent at www.arla.co.uk