Big Midlands estate agency says Renters’ Rights Bill ‘should be welcomed’
DM & Co. Homes says reforms will provide clearer regulations and will reduce legal uncertainties for landlords as well as tenants.
Dominic Murphy (pictured), boss of DM & Co. Homes says there’s been a lot of scaremongering about the Renters’ Rights Bill, but he believes the new laws will provide more certainty and fixed beneficial outcomes for professional landlords.
And, he refutes the idea that it will result in landlords selling up in droves, saying: “Many professional property investors and landlords I’ve spoken to see this new legislation as overwhelmingly positive.
“For a start, the reform will provide clearer regulations, with more structured guidelines, and this will reduce legal uncertainties for landlords as well as tenants.
“And while Section 21 ‘no-fault’ evictions will be abolished,” Murphy continues, “The legislation actually provides a faster eviction process for tenants who fail to pay their rent.
Clearer criteria
“The legislation also expands grounds for possession under Section 8, allowing landlords to regain possession in specific circumstances, such as rent arrears, anti-social behaviour, or when they need to move in themselves or have family move in.
“This provides clearer criteria for regaining possession, potentially leading to more predictable and efficient processes for landlords.
“There will also be stronger lease agreements, with more standardised terms that will make it easier for landlords to enforce their rights.
“Other positives include extra incentives for landlords who improve their rental properties, such as tax benefits or grants, and stricter tenant screening rules will help landlords to ensure they are renting to more responsible tenants.
The legal changes really are beneficial to landlords.”
“The legal changes really are beneficial to landlords, including policies that should reduce rent arrears by requiring tenants to pay on time and offering better dispute resolution that should protect landlords from financial loss.
“Some of the reforms will also see stricter rules on property damage, holding tenants more accountable, and improved mediation services that should reduce lengthy legal battles by making dispute resolution faster and cheaper.
“Even new policies that some critics see as negative have a bright side, such as encouraging long-term tenancies by rewarding landlords who offer such leases, which also reduce turnover costs for landlords.
I suspect that this will prove to be his Gerald Ratner moment!
I have kept a keen eye on exactly what is being proposed in the Renters Reform Bill and my company sent us on a training course late last year tp prepare us for the changes that are coming this year, however it is stated in this article “Even new policies that some critics see as negative have a bright side, such as encouraging long-term tenancies by rewarding landlords who offer such leases, which also reduce turnover costs for landlords” There will be no fixed tenancies anymore once these new laws have become law, so i am at lost to understand what Dominic Murphy is talking about