An agency is urging landlords to review portfolios and consider if their properties meet the upcoming changes enshrined in the Renters Reform Bill. 

CSC Grays says the period between now and when changes are expected to come into force – probably 2024 – presents landlords with time to seek professional advice on the raft of changes contained in the Bill.

The Bill will be implemented when it receives Royal Assent and will have two stages with the government expected to provide at least six months’ notice of the first implementation date after which all new tenancies will be periodic and governed by the new rules. When the second implementation date is set, all existing tenancies will also be governed by the new rules.

Guy Coggrave, managing director of CSC Grays, says: “Landlords should be reviewing their portfolios and making sure under the proposed legislation that their properties can comply, deliver a reasonable return on investment, and still meet their objectives.  

“For some now may be a sensible time to restructure or exit portfolios making the most of the current relatively low Capital Gains Tax position, which many well informed commentators believe is likely to increase, particularly if we have a change of government.

“Being equipped with the correct professional advice will give landlords the opportunity to review the value of their property and consider other options such as restructuring their portfolios or investing elsewhere such as in commercial property. For those remaining in the sector, having the right management systems and advice will be essential.”