By now I’m sure you’ve processed last week’s news that buyers and renters have been told to halt buying, selling and moving house in most cases.
Whatever your position we have an opportunity to take stock – we’ve not got much choice – and focus on getting through the next few months relatively unscathed.
For landlords now is a good time to consult with your tenants if you haven’t already, to find out if they’re going to be able to pay the rent. It may be that you need to defer their payments, or you could even offer them a reduced period to ensure some money is still coming in.
As the government has warned, landlords are still liable for urgent repairs, while for non-urgent repairs they need to communicate with tenants to let them know that they will happen once this lockdown period is over. Communication is key.
Now might also be a good time to swat up on regulatory changes coming into force.
From 1 April new Minimum Energy Efficiency Standard regulation rules mean properties where tenancies pre-date April 2018 have to have an Energy Performance Rating above E.
And from April 6 a change to capital gains tax repayment rules means that anyone selling a residential property giving rise to a capital gain on which CGT is payable, will have to make a digital return to HMRC and to pay an estimate of the CGT due within 30 days from the sale.
None of us know how long this period of lockdown is going to last, though it would make sense to be clued up enough to hit the ground running once things become more normal.
That also goes for those who arrange house sales and deliver new properties, because there’s likely to be some pent up demand from all these people having to delay their home moves.
That may only seem like a crumb of comfort right now, but the property market is sure to rebound in the end.
Ryan Bembridge, Editor, PropertyWire
