
The Renters’ Rights Bill returned to Parliament for debate last week and included some new changes.
Cap on advance rent payments
A new rule is proposed that will cap advance rent payments at one month’s rent. Currently, there is no limit on the upfront rent a landlord can ask for. This is being used to exploit potential tenants in some places and particularly disadvantages renters on lower incomes.
Landlords will still be able to take a security deposit of up to 5 or 6 weeks rent alongside a one month’s rent in advance.
Safeguards for bereavement
Another proposed change will mean that bereaved guarantors will no longer be forced to pay rent for the rest of the tenancy where a loved one has died. This will make it easier to end a tenancy agreement in unforeseen and tragic circumstances.
Reducing early commitments
Currently students can feel pressured to sign a lease many months in advance. Therefore, it is being proposed that students cannot be locked into an agreement more than six months in advance of moving in.
Further changes proposed include closing potential loopholes in rent repayment order and using fees paid by landlords to directly fund the creation and work of a private rented sector Ombudsman.
See: https://www.gov.uk/government/news/new-law-to-protect-renters-one-step-closer-to-becoming-a-reality

The government has published a technical consultation on its new Founders’ Relief. The consultation itself provides an overview of the proposed qualifying conditions for it, including individual and company requirements and what must be satisfied. HMRC’s own figures, however, show that the strict conditions mean only about 600 individuals will be eligible to apply each year.

It’s bad news for mortgage holders and borrowers as the Bank of England (BoE) raises interest rates by a quarter point to 4% for the first time since August 2023.

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