{"id":9729,"date":"2021-03-11T16:27:02","date_gmt":"2021-03-11T15:27:02","guid":{"rendered":"https:\/\/www.lettingaproperty.com\/landlord\/blog\/?p=9729"},"modified":"2021-03-11T16:27:02","modified_gmt":"2021-03-11T15:27:02","slug":"buy-to-let-news-spring-2021","status":"publish","type":"post","link":"https:\/\/www.lettingaproperty.com\/landlord\/blog\/buy-to-let-news-spring-2021\/","title":{"rendered":"5 Landlord Updates to Expect in Spring 2021: Buy to Let News, Eviction Ban and More"},"content":{"rendered":"\n

The past month has been a busy one for buy-to-let news. Stamp Duty extensions were announced in the Budget and the end of the eviction ban has been delayed yet<\/em> again. Pre-pandemic, Spring has always been a hectic time for new laws and government updates, but what changes can the rental sector expect this year?<\/p>\n\n\n\n

Update: 12 Things Landlords Can Expect from 2022<\/a><\/p>\n\n\n\n

End of mortgage payment holiday applications \u2013 March 2021<\/strong><\/h2>\n\n\n\n

Last year, mortgage lenders offered mortgage payment holidays to support property owners during the pandemic.<\/p>\n\n\n\n

Applications for these mortgage holidays are currently expected to end on 31st March 2021<\/strong>. Up to this date, property owners who have not taken this holiday can apply for their mortgage payments to be deferred.<\/p>\n\n\n\n

If you’ve already had or are currently on a mortgage holiday, you may be able to extend it – but your total holiday cannot exceed the maximum of 6 months. If your mortgage is due to end after 31st March, you can apply for an extension, but all mortgage deferrals will be ending 31st July 2021.<\/p>\n\n\n\n

You should continue your mortgage payments if you can afford them. However, if you are<\/em> experiencing financial difficulty, and have not taken the maximum six-month holiday on your mortgage yet, you can apply.<\/p>\n\n\n\n

You can do this by contacting your mortgage provider directly. They should provide you with all the information you need and explain what is exactly covered by your holiday. Coronavirus-related payment holidays do not impact your credit report.<\/p>\n\n\n\n

It’s important to know that a mortgage holiday does not automatically mean a tenant does not have to pay their rent. Landlords will still have to pay their mortgage, but the payments will be deferred to a later date.<\/p>\n\n\n\n

Mandatory electrical reports for all tenancies \u2013 April 2021<\/strong><\/h2>\n\n\n\n

From 1st<\/sup> July 2020, Electrical Installation Condition Reports (EICRs) became a legal requirement for all new tenancies in England. On 1st April 2021, this requirement extended to all tenancies, new and<\/em> existing.<\/p>\n\n\n\n

The new regulations hope to ensure all rental properties are electrically safe. A qualified engineer must visit the property to inspect and test all fixed-wirings and provide a report of their findings. If the report declares the property unsafe, remedial work must be carried out within 28 days.<\/p>\n\n\n\n

Once you have an EICR, it’s valid for five years. Landlords will not need another electrical inspection until this point (unless the assessor has specified a sooner inspection is required).<\/p>\n\n\n\n

Read more: Mandatory Electrical Safety Inspections For Rental Property 2021<\/a><\/p>\n\n\n\n

A copy of the EICR must be provided to prospective tenants before they move in. Local councils can also request a copy of the report, which must be provided within 7 days. Failure to comply with the regulations could result in a civil penalty of up to \u00a330,000.<\/p>\n\n\n\n

Now the deadline has passed, if you haven\u2019t already, we recommend you sort your electrical inspection now<\/a>.<\/p>\n\n\n\n

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