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Landlords – the impact of The Renters' Rights Bill
Landlords, both new and existing seem to have taken the legislation in their stride.
As the legislation became more detailed approaching May the 1st, we gave practical advice to our landlords and tenants. We were learning as we went, but given our extensive lettings knowledge, we were able to make sense of it swiftly.
We appreciated the nuances and how this applied to existing and new tenancies and in general, Cantell & Co landlords have committed to continue to rent, reflecting the robustness of the Richmond lettings market.
We understand that this is not necessarily the picture country-wide with larger agents reporting falls in income from landlord fees. But we have found that our transparency and relationship building, our landlords are confident to continue to rent their property with us.
One concern for landlords is that tenants can now serve two months' notice from the very first day of the tenancy. In our experience most tenants want a settled home and to avoid the costly & stressful moving process.
And on the face of it, it could be worrying that the landlord would be paying repeat fees. But in reality, a good lettings agent will take their fees monthly and should be flexible with repeat administration fees.
Richmond is an affluent area; the typical rent for a 2 bedroom house is £2850 and circa £3500 is what we would expect to let a 3 bedroom for.
Most lets are agreed within 2 weeks of advertising, though we often have a number of tenants ready to view as we collect the keys.
Cantell & Co offer different services depending on a landlord’s needs and promise never to accept referral fees from our contractors, keeping their costs competitive.
Our local insight enables us to adapt swiftly to changes in the market, providing landlords with up-to-date advice and support that larger corporate firms may struggle to match.
If you would like to speak to us about moving your property from your current agent or indeed buying a rental property, please contact us.