Many people are hesitant to take steps forward when it comes to properties. This is because they often don’t have the right people backing them up. Our business exists to make certain you don’t go in alone. We do this by offering the highest quality services for council leasing Haringey has. Our team will look at your requirements and come up with a suitable plan to help you succeed.

Every new year has its own challenges

With the arrival of each new year, landlords come up against a myriad of obstacles they must face. This includes things to do with local licensing and changes to the eviction procedure. Things may seem tricky. However, we are here to inform you of those regulations you must know of when making investments into buy-to-let in 2020.

Mortgage interest tax relief

One thing you will need to know about is the mortgage interest tax relief changes. Since April 2017, the government has made efforts to phase out on mortgage interest. The proportion you can deduct is slowly falling every year. The plan is for this to come to a head during the 2020-2021 tax year in April. From this point, you will only have the ability to deduct a 20% flat credit of mortgage expenses from rental incomes. This is while you are completing your tax return.

A ban on letting fees

Another important piece of information you must be aware of is the letting fees ban. In 2019, Wales’ and England’s letting agents were banned from charging their tenants fees. For England, the changes involved something else too. This is deposits that were capped at five weeks worth of rent. For tenancies where the annual rent exceeded £50,000, the cap is six weeks.

Section 21 evictions

There is also Section 21 evictions to think about. Section 21 permits landlords to stop a ‘rolling’ tenancy by issuing two months’ notice. They can do this without giving any reason to do so. It is the government’s belief that repealing it shall provide tenants with enhanced security. For the finest council leasing Haringey can offer, please talk to our team.

Private residence relief changes

We feel it necessary to discuss the alterations to private residence relief too. A restructuring of property residence relief rules might affect smaller landlords. These are ones with greater capital gains tax bills. This is when they sell their properties.

In the past, landlords could acquire £40,000 worth of capital gains tax relief. This is if they let structures that used to be, or currently are, their main homes. This was the case even if they hadn’t lived there in a long time. This loophole shall close from the start of April. Landlords will be required to reside in the building in shared occupancy with their tenants. This is at the time of the sale so they can claim the relief.

Expert council leasing in Haringey

At Finefair, we understand that every landlord has their own requirements to meet. This is one of the most important things we have learned from working with them for all these years. Moreover, it is this knowledge that has allowed us to become the top company for council leasing Haringey has.

If there is anything we can do for you, please get in touch.