As the end of the tax year begins to approach, many private landlords and property owners are taking stock of their investments whilst finalising their self-assessment tax returns. Over previous years, investment in property has been an attractive proposal for many on varying scales.
In this article, one of our litigation solicitors, Emma Jenkins, considers how ongoing changes to the tax relief regime may have a wider impact upon property owners.
Who Will the Changing Tax Relief Regime Affect?
Following the announcement in the 2015 Summer Budget, from April 2017 the government began to phase in changes to the tax relief regime for residential landlords.
This phased reform process will affect those who let residential properties, whether this is independently or as part of a partnership or trust. By 6th April 2020, the changes being introduced will be fully in place.
Whilst independent tax advice should be obtained by those seeking guidance on these changes and their possible implications, it is not unforeseeable that - as in any changing climate - many property owners will be reviewing their investments.
Our landlord and tenant specialists and expert conveyancing team are on hand to assist those who may be considering the sale of their property investments.
What Action Should Landlords Take on their Property Investments?
A prudent landlord would be well advised to take early advice if considering the repossession of any residential properties. Whilst many tenants may be content to surrender their tenancy with sufficient notice, caution should be taken in relying on the same.
Disappointingly, even the most amicable of situations between a landlord and tenant can deteriorate quickly. The majority of residential possession claims now result in the necessity for a bailiff’s attendance at the property.
An undefended ‘no fault’ possession matter is where there are no rent arrears or other breaches of the tenancy. In this case, the procedure from the service of a requisite notice to the obtaining of a bailiff’s appointment can take, on average, in the region of 5-6 months.
Needless to say, the impact of such a delay upon a chain that is dependent upon vacant possession being provided, could be fatal to the procedure.
Giles Wilson and Property Law Advice
Here at Giles Wilson, our team are well placed to offer dedicated advice to each landlord based on their individual circumstances, ensuring that possession of a property is gained as swiftly as possible.
With a breadth of experience in both regaining possession of residential properties and acting in both the sale and purchase of the same, our Property Law solicitors are on hand to provide tailored guidance and a seamless, cost-effective process. We pride ourselves on our practical and efficient solutions.
As a full-service law firm, we are able to deal with all of your needs whether this is the subsequent re-drafting of a Will following a property sale or purchase, the provision of estate planning advice, or acting in the conveyance of any replacement investment.
To find out more about the services we offer, visit our website. If you are a landlord requiring professional advice – from property disputes to tenant laws - contact a member of our experienced conveyancing or litigation solicitors on 01702 477106 or email us at firstname.lastname@example.org.