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News, Mortgages
Oct 2024
Changes have already been made to improve rights in Scotland and Wales, so the proposed Bill will be applicable to renters in England, with some elements stretching to Wales.
The Bill will include the much-awaited end of Section 21 no fault evictions. With no fault evictions increasing by 52% in London in the year to March 20245, the legislation will come as a relief to many. While landlords will no longer be able to evict tenants without a reason, there will be clear possession grounds for those needing to reclaim a property.
In a bid to stop rising rents, tenants will have the power to challenge rent increases. Plus, the Bill plans to end the practice of rental bidding wars, with four in ten households renting privately last year paying above the advertised rent6. Some are sceptical this is possible, due to high levels of competition for each rental property; however, New Zealand did successfully implement a similar law in 2021.
Renters will gain the right to request a pet and landlords cannot unreasonably refuse, although they can request insurance to cover potential damage. Also, ‘Awaab’s Law’ will be extended to the private rented sector, requiring landlords to respond to health hazards within certain time frames to ensure that damp and mould are dealt with appropriately.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
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