A very warm welcome to our latest newsletter.
I hope all is well with you all, wherever you are in the world, and you’re enjoying this rather lovely summer.
EXCITING TIMES
I’m delighted to officially confirm that Town & Country Property Services has purchased RDA Estates and we completed the transaction on Friday (August 1st).
Our companies have worked closely for more than 30 years from our shared office space at Church Road, Hove.
This shared history dates to 1993 when RDA’s owner, Jean Shillinglaw, was establishing RDA with her husband, Brian, while Andrew Boyle was setting up Town and Country.
We officially said “goodbye” to Jean last Thursday, after completing the handover and wish her a long, happy and well-deserved retirement. We’ve also retained RDA colleagues, Andi and Tina, as members of our expanded team.
During our shared time in these offices, Town & Country has expanded rapidly and we are now a full-service agency, offering professional support for tenancy agreements, property management and maintenance, plus property purchases and sales.
Looking ahead, these are exciting times and we’ll continue RDA’s excellent work, ensuring “business as usual”. All email addresses and telephone numbers have already been switched over, ensuring a seamless transition.
MARKET CONDITIONS
I’m pleased to report that the Brighton and Hove rental market remains buoyant, and properties are generally re-let swiftly to carefully vetted tenants.
This is down to a variety of factors including competitive but realistic rents, high demand for properties and our effective marketing. It’s also an undisputed fact that our seaside city is widely viewed as a great place to live.
RENTAL REFORM
I’ve been keeping a close eye on the Renters’ Rights’ Bill and have updated you via social media and my newsletters but there is still considerable uncertainty about the timescales.
I can confirm that the Bill has now cleared the House of Lords and has gone back to the Commons – with some proposed amendments. It remains to be seen if the updated Bill will become law by the end of the year.
As with all things, the devil is in the detail. We’ve included headline updates in our previous newsletters, focused on key changes.
Major legislative changes include abolition of Section 21 notices and moving to a streamlined tenancy structure, whereby all assured tenancies are periodic.
Despite a lot of uninformed scaremongering in the press, it’s important to remember that you will still be able to take possession of your property if you need to sell, or if you, or an immediate family member, needs to move back in. Likewise, if tenants default on rental payments or cause anti-social behaviour.
The latest proposed alterations include:
- Banning landlords from taking more than one month’s rent in advance, meaning that all future tenancies will need to be fully referenced and some may require a guarantor. In the past, tenants have been able to pay six months’ rent up front – particularly overseas students.
- Removing a requirement for tenants with pets to take out insurance, to cover any damage. Instead, up to three weeks’ rent may be charged and held as a deposit. The logistics have yet to be set out but landlords will be able to refuse pets, if they have “reasonable” grounds.
Both sets of changes are subject to securing approval in the House of Commons, prior to Royal Assent.
For more detailed breakdowns, please visit the Government website at Guide to the Renters’ Rights Bill – GOV.UK (www.gov.uk)
LIKE TO FIND OUT MORE?
As always, we will keep you regularly updated, via our newsletters, blogs and social media posts.
Recent media coverage suggested that 40 percent of landlords remain blissfully unaware of the biggest changes to rental legislation in a lifetime. Hopefully you will agree that we always do our utmost to keep you fully updated with changes to the law, plus general market conditions and updates.
Still got queries? As always, please just pick up the phone or drop me a line.
Kind regards
Stephen Chipp
