BREAKING NEWS - Renters Rights Bill Announced - Bad News Landlords
Summary
TLDRIn this video, James Nson discusses the Renters Rights Bill introduced in Parliament, which has significant implications for both landlords and tenants. Key points include the implementation of 'AWOB's law' requiring mold issues to be addressed within 14 days, the banning of rent bidding wars, and allowing tenants to challenge unfair rent increases. The bill also mandates decent home standards, potentially fining landlords and allowing tenants to withhold rent for non-compliance. Other aspects include no discrimination against tenants with pets or benefits, and the abolition of section 21, which allows no-fault evictions. James predicts these changes could lead to a rise in rents and a potential exodus of landlords.
Takeaways
- 🏠 The 'Renters Rights Bill' is a significant legislative change impacting both tenants and landlords, previously known as the 'Renters Reform Bill' under the conservative government.
- 📚 The bill includes 'AWB's Law', requiring landlords to address mold issues in properties within 14 days of being reported, similar to existing laws for social housing.
- 🚫 The practice of 'bidding wars' for rent, where tenants compete to offer higher rent than the asking price, is set to be outlawed.
- 📈 Tenants will gain the ability to challenge unfair rent increases through a property Ombudsman, though there are no rental caps mentioned in the bill.
- 🚫 The bill restricts rent increases to once per year, aiming to prevent landlords from repeatedly raising rents in a short period.
- 🐾 Landlords will be required to consider tenant requests for pets within 28 days and cannot unreasonably refuse, potentially requiring pet insurance as a condition.
- 🏡 'Decent Home Standards' will be enforced, with potential fines of £7,000 for landlords if their properties do not meet the required standards, and tenants can stop paying rent during this period.
- 📊 The bill anticipates a 'landlord exodus' due to increased regulations and responsibilities, which could lead to a rise in rent prices as the rental market adjusts.
- 📑 A digital database of landlords and their properties is proposed, increasing transparency and allowing agents and counselors to view landlord histories.
- ⏰ The bill abolishes 'Section 21', which allowed no-fault evictions, aiming to protect tenants from unfair eviction practices.
Q & A
What is the Renters Rights Bill?
-The Renters Rights Bill is legislation that has had its first reading in Parliament, aimed at providing more rights and protections for renters. It was previously known as the Renters Reform Bill under the conservative government but has been rebranded by the labor government.
Why was the Renters Reform Bill rebranded?
-The Renters Reform Bill was rebranded as the Renters Rights Bill when the labor government took over, indicating a shift in focus towards emphasizing the rights of renters rather than just reforming the rental system.
How might the Renters Rights Bill impact landlords?
-The Renters Rights Bill could impact landlords by imposing stricter regulations on property standards, rent increases, and eviction processes. Landlords may face fines for non-compliance, and the bill could potentially lead to a shift in the rental market dynamics.
What is the significance of 'AWB's law' mentioned in the script?
-AWB's law refers to a regulation that mandates landlords to address mold issues within 14 days of being reported. It originated from a tragic incident involving a young boy named Awa and is now being extended to the private rental sector from social housing.
What changes does the bill propose regarding rent bidding wars?
-The bill aims to outlaw bidding wars for rental properties by setting a maximum rent that landlords can charge. This means that the listed rent would be the highest amount a landlord can receive, preventing tenants from having to outbid each other.
How will the Renters Rights Bill affect tenants' ability to challenge rent increases?
-The bill will allow tenants to challenge unfair rent increases through a property Ombudsman. If a tenant feels the rent increase is unjust, they can dispute it, and the Ombudsman will resolve the issue.
What is the proposed limit on how often landlords can increase rent?
-The Renters Rights Bill proposes that rent increases will be limited to once per year. This is a change from the current practice where some landlords might increase rent multiple times within a year.
How does the bill address the issue of pets in rental properties?
-The bill requires landlords to consider a tenant's request for a pet within 28 days and to have reasonable grounds for refusal. If a pet is allowed, landlords can require pet insurance to protect the property.
What are the 'decent home standards' mentioned in the script?
-Decent home standards refer to the requirement that all rental properties must meet a certain quality standard. If a property does not meet these standards, landlords can be fined up to £7,000, and tenants may stop paying rent until the issues are resolved.
What is the potential impact of the Renters Rights Bill on the rental market?
-The potential impact includes a possible increase in rents due to landlords exiting the market, increased property standards, and a shift in power dynamics between landlords and tenants. The bill could lead to higher quality rental properties but may also result in fewer available rentals.
Why might some landlords quit due to the Renters Rights Bill?
-Some landlords might quit due to the increased regulations and responsibilities imposed by the bill, such as dealing with mold issues within 14 days, not being able to refuse tenants with pets without reasonable grounds, and the abolition of section 21, which allows no-fault evictions.
Outlines
🏠 Introduction to the Renters Rights Bill
James Nson introduces the Renters Rights Bill, which has had its first reading in Parliament. This bill, previously known as the Renters Reform Bill under the conservative government, has been taken over and rebranded by the labor government. The bill is significant for both landlords and tenants. James encourages viewers to like and share the video to raise awareness about the bill and asks for respectful comments. He also mentions an ebook in the description that elaborates on the bill's contents and encourages viewers to subscribe for updates as the bill progresses through Parliament.
📜 Key Changes in the Renters Rights Bill
James discusses several key changes proposed in the Renters Rights Bill. These include the implementation of 'Awb's Law', which mandates that mold in social housing must be addressed within 14 days of being reported, and this requirement is being extended to private rental properties. The bill also aims to end bidding wars by setting a maximum rent that cannot be exceeded, allowing tenants to challenge unfair rent increases through a property Ombudsman, and limiting rent increases to once per year. James expresses concern about the 14-day window for mold remediation, suggesting it might be too short for complex issues, but overall, he supports the bill's intent to protect tenants.
🐾 Landlord and Tenant Rights Regarding Pets
The script addresses the issue of pets in rental properties. Landlords are given 28 days to reasonably consider a tenant's request to have a pet, with an expectation to accept unless there are valid reasons, such as leasehold restrictions. If a pet is allowed, landlords can require pet insurance to protect their property. James believes this section of the bill is fair and represents a win for tenants, with a reasonable trade-off for landlords.
🏡 Decent Home Standards and Financial Implications for Landlords
James talks about the 'decent home standards' requirement, where properties must meet a certain standard or face fines up to £7,000 from local councils. Tenants can also stop paying rent if their home does not meet the standard. The government estimates that 21% of properties do not meet these standards. James predicts that this, along with other changes, could lead to a significant increase in rents as some landlords may quit the market due to increased responsibilities and potential fines.
📉 Impact of the Renters Rights Bill on the Rental Market
The final paragraph discusses the broader implications of the Renters Rights Bill. James anticipates that with the abolishment of section 21 (no-fault evictions) and the introduction of a digital database for landlords, there will be a 'landlord exodus', leading to higher rents. He also mentions the potential increase in capital gains tax, which may prompt landlords to sell their properties before the deadline. James concludes by predicting that by 2025, rents will be significantly higher due to these changes, and he encourages viewers to share their thoughts in the comments and to download the ebook for more detailed information.
Mindmap
Keywords
💡Renters Rights Bill
💡AWB's Law
💡Bidding Wars
💡Rent Increases
💡Pet-friendly Policies
💡Decent Home Standards
💡Landlord Ombudsman
💡Section 21
💡Periodic Tenancies
💡Landlord Exodus
Highlights
Introduction to the Renters Rights Bill and its impact on renters and landlords.
The bill's quick progression through Parliament due to the labor majority.
Inclusion of 'AWB's Law' requiring mold issues to be addressed within 14 days.
Prohibition of bidding wars for rental properties to prevent rent inflation.
Tenants gaining the right to challenge unfair rent increases.
Limitation of rent increases to once per year.
Landlords must consider pet requests from tenants within a 28-day period.
Introduction of 'decent home standards' with potential fines for non-compliant properties.
Prediction of a significant increase in rents due to the bill's regulations.
Creation of a digital database for landlords and their properties.
Banning of 'no DSS' (no social security benefits) discrimination in rental ads.
Elimination of 'no pets' and 'no children' clauses in rental advertisements.
Transition to periodic tenancies with rolling terms instead of fixed-term agreements.
Establishment of a landlord Ombudsman to handle disputes.
Abolishment of Section 21, allowing no-fault evictions, by the next summer.
Discussion on the potential 'landlord exodus' and its effect on the rental market.
Prediction of sky-high rents by 2025 due to the bill's impact on the rental market.
Call to action for viewers to subscribe, share the video, and engage with the content.
Transcripts
hey my name is James nson welcome to my
YouTube channel in this video I want to
talk about the today announc this has
already had its first reading in
Parliament today the renters rights bill
now this was something that nearly
happened under the conservative
government it was called the renters
Reform Bill at that stage labor has
taken this on they've rebranded it the
renters rights Bill I'm going to put
that on the board cuz I'm going to
forget it and keep call it the reform
one so it's the
renters Renters
Rights bill and basically this impacts
everyone so if you rent a property this
impacts you if you are a landlord or
want to be a landlord at some point this
also impacts you now what I want to do
is ask you to smash a like button on
this video quickly because that will get
more viewers on this I want more people
to know about what's happening here and
share this video I don't always ask you
to share this but share this share it
with a landlord you know share it with
tenants you'll all have different
opinions on this I'm expecting the
comments to go crazy on this one keep
them respectful please uh down below but
do put in with your opinion on what you
think's happening here and always
subscribe to the channel and hit the
Bell notification uh just to get more
updates on this as it goes through
Parliament so the renters Reform Bill
had the renters there you go I've
already got it wrong the renters rights
bill as it's now called has its first
reading in Parliament and they are
talking about moving this through very
quickly now that could happen because
labor have such a majority in Parliament
it's going to have less hurdles and
obstacles that it would have had in the
previous Parliament earlier this year
and that's why the conservatives didn't
actually get this Complete because we
couldn't or they couldn't get an
agreement on everything and so I want to
talk to you today about what's
included I'm also going to post a link
in the description to an ebook that you
can grab for free that will talk about
everything included in this so you've
got your own copy as well so what is
going to happen here there's a lot uh to
go through so let's let's go through
this now firstly um they've got included
here something called uh it's a wobs
law and
aw's law uh was about a young boy who
unfortunately passed away because the
social housing that he stayed in was
very moldy and it caused him to get ill
and unfortunately he passed away this
law was imposed on social housing
providers and it meant that when you get
mold in the property once it's reported
it has to be dealt with within 14 days
now this is getting put onto private
land laws the same law is getting rolled
down to the private rental sector now
that's important that if you have a
property as a landlord you do need to
get that resolved that is very very
important I don't disagree with awb's
law as well but I do see that some
landlords might have difficulty with
these time um like preferences that
we've got in this now 14 days might seem
like a long time but if suddenly
everyone's reporting problems it could
be something that will be difficult to
resolve so um it is important I'm not
arguing with that U but I do just think
that that the 14-day window is quite a
short window uh to get things resolved
sometimes mold needs like literally
brick work cut out um tanking done all
sorts of different things it depends uh
so that's something that that will be
looked at and implemented in this so
that's uh step one um next is no bidding
wars I don't actually come across this
much where I have
property but I'll explain what they mean
by this so in some areas particularly
cities when you go to look at a property
to rent it it might be listed for
£1,000 and then what the agents do is
ask people to submit a rent offer and
then of course people that really want
to get that property in in areas that
don't have enough rental stock will put
a higher offer in in order to get that
and it causes bidding wars in in fact
that gets the landlord more rent which
is good for the landlord but it's not
really fair on tenants so that's going
to be outlawed what you list the
property for will be the maximum rent
you'll be able to achieve from that so
that haven't come across but I do know
that it happens uh and so won't impact
me but it will impact some landlords uh
and that's one consideration for them so
that's one thing that they've got to
sort out there um they will be able to
uh tenants will be able to challenge
rent
increases so what does that mean well if
a landlord increases the rent and it
seemed to be unfair there's no rental
Caps or any indication that will be
rental caps in this uh bill um but if
the tenant feels that they're unfairly
getting their rent increased maybe the
landlord's increasing it to try to get
them to leave the property that does
happen um and so they will be able to
challenge that with a property Ombudsman
now what you'd need to look at there is
is the landlord charging market rate and
how much of a percentage have they gone
up so let's just say they were doing 500
quid rent and then suddenly said we now
want 700 or 750 that's a 50% increase
that wouldn't be seen likely as Fair
unless
potentially the market rate was 750 and
maybe the landlord just didn't increase
it for years and now needed to increase
it that's a gray area the Ombudsman
would be then looking at resolving that
as an issue so tenants will get that
ability to challenge this and that's
giving them more peace of mind so that
will mean tencies are better for the
tenant which is good um you will uh be
to only increase rent
increases will only be allowed to
happen
oh once per year one increase per year
um now you could do more than that I
I've never done that but I I would find
it quite hard to go back to a tenant uh
morally and say look I'm putting your
rent up twice in a year people are doing
this this is because this whole bill is
because some landlords are taking the
mick a small percentage of landlords are
taking the Mick and some of them are
putting rent up multiple times in a year
that is not fair on the tenants and
because of that there is now this
blanket ban that you'll only be able to
increase rent one time per calendar year
I don't have a problem with that myself
I've never done it more than twice uh
I've been a landlord for nearly 20 years
uh I've never done two increases in one
year so for me that's fine um where that
could be a problem though is let's just
say interest rates suddenly went up to
10% and the landlord wasn't able to
increase their rent in that scenario
hopefully that won't ever happen but if
it did happen then we could have a major
problem with landlords needing to sell
so have I covered everything on there I
think I have on that first person night
there's more next is Pets uh this
one I know a lot of you in the comments
especially the tenants have major
feelings about this I don't have a
problem with this either you as a
landlord if the tenant requests a pet
you've got 28 days to decide and it has
to be
reasonable that you look to accept that
pet in the first instance and that's the
stance is that you would look to accept
that pet in the property now you may be
able to not accept the pet if if you for
example owned a leasehold flat as the
landlord you own a leasehold flat and
maybe in that leas hold no pets are
allowed in the block that would be
reasonable grounds because it would be a
breach of the lease by the landlord to
not accept the pet so that's interesting
there now if they do get a
pet the landlord can
require that the tenant gets pet
Insurance to protect the property of the
landlord which is a fair and reasonable
thing to ask and so that would be the
tradeoff so there's a little bit of a
win for the landlords there more of a
win for the tenants here I think most of
this bill is better significantly better
for tenants uh and as I said that's
because some landlords have absolutely
uh let everybody down by not looking
after their properties and being unfair
um next this one um this one I think
will be the one that will get all the
headlines um well there's two parts this
will be one of them um and that is
decent home
standards now what does that mean well
what it means is that if your
property isn't up
to a a good standard um which will be
deemed by the property Ombudsman um then
you can get fined by your local Council
£7,000 and the Tenant can stop paying
rent in that time as well so there's
£7,000 fine that once that passes and
landlords start getting that point I
think the landlords are going to get
shamed in the papers I think that's
going to be headlines especially in
local papers um and so that will
humiliate the landlords into getting
their properties up to date now how many
landlords don't have a decent home
standards property well the government
are saying
21% of properties 21% of properties are
not at the required standard they don't
State what that is that's going to worry
a lot of landlords um I think that all
of this stuff that we've seen so far is
going to contribute to more of a
landlord Exodus now what that will also
do is mean rents will rise significantly
if you look at all the Articles around
the renters rights Bill everybody the
BBC Reuters everyone is saying that this
bill is going to significantly push
rents up that's based off the fact that
more landlords are likely to quit
there's more that the landlord will need
to do to get the quality of the property
up um and there's more risk to the
landlord that they won't get paid or
they'll get fined so they need to make a
better margin in order for this to work
for them uh so I do think that that is
true I do think landlords are going to
quit even more faster than we've ever
seen but I also think that there's
opportunity there as well I think if you
run your properties well I think you
could do quite well off this because
other landlords will be out the market
the rents will be higher there's more
money to be made for good landlords now
when we buy a property um I always do a
full
reefer sometimes back to Brick I put new
kitchens in new bathrooms in new carpets
in so I don't have a massive problem
with this with the awbs law um I have
had instances of mold in my properties
uh literally the property down the road
uh I had a lovely couple from India that
live there at the moment they didn't
really understand about the ventilation
they haven't had to do that when they've
lived in India they literally this is
their first time living in the UK um and
that required some education right just
when you're hang your washing up open
some windows they did that then there
wasn't a problem so I don't think that
you're going to get unfairly penalized
as a landlord if you can show them that
look maybe you got a little bit of M
because you haven't had some ventilation
in there open the windows every now and
again that will be gone but if it's damp
and it's rotten brick work and stuff
like that then you got to fix that
quickly um so what else is there there
is more
uh much much more so there is going to
be a a digital
database um so a digital DB um and
that's going to include landl details
it's going to include like what they've
done the projects they've done the
properties they've got um I'm not sure
how much of that will be open to the
public but agents will be able to see
that for sure counselors will be able to
see that for sure um I don't have a
problem with that again I think for the
bad landlords that's terrible news um
and that's going to mean they're going
to have to really up their game if you
do have problems you do act as a bad
landlord you're going to get outed by
this so I don't think that's going to be
great for bad landlords next um is
benefits now you do get some right move
houses to rent Flats to rent that you'll
see where they say new no social no
social that no uh
benefits that's now going to be illegal
to do um now I do think that people will
get around that if I'm honest so if you
run your property through an estate
agent the estate agent will present you
three or four people as options that you
can have as a tenant um you're not going
to be able to say that you don't want
the person with benefits but I do still
think that some landlords will pick the
person that is employed right I just do
think that that is going to still happen
um so I don't know how they can police
that really but it you won't be able to
obviously push people away in your
marketing and your advertising so that's
something that's uh important you're not
going to be able to uh not have people
that have got children I've never seen
that advertise but I guess it happens
otherwise it wouldn't be in the bill
right and so you won't be able to uh
refuse someone that has children I think
that's fine I don't have a problem with
that in fact probably about 30% of my
properties they have children and I
think they're actually good tenants
because they stay there longer cuz they
make it a family home it's harder to
move with tenants and stuff like that um
what else have we got um periodic
tencies no periodic tencies
even oh oh periodic tencies so what does
this mean let's say I rent a property
now we'll get someone in my property on
a oneyear as assured short hold tenancy
and then each year my agent will come
back to me and say do you want to renew
um before you renew we need to make sure
we got the gas safe um we need to make
sure we got eicr up to date every 5
years um all of those things get checked
off at that time which is kind of good
and then they'll say to me do you want
to increase the rent or do to keep it as
it is where do you feel it should be and
normally the the agent is the one that
guides me on that they'll say look the
market rate at the moment is here this
has been a good tenant though um and
they're often on the tenant side and say
look they paid on time they've been a
good tenant I would advise you not to
probably increase it or just a fraction
uh so it's still a good deal for that
tenant so that's um not going to happen
anymore so they're going to get a tency
now
there just going to be a rolling tency
forever right this is a worry for some
people so the tenant can give two months
notice at any time here's why some
people are worried about that so what
the concern is what I've seen a couple
of articles in the Press talking about
this is you could come to London for
example and say I want to come to London
for the summer I'll rent this property
from somebody and pay in two months as
soon as you move in you could give
notice and leave so you can have your
property for the summer and then leave
the landlords got all the costs of
retting the property the agent the
marketing uh and all that kind of stuff
so lots of landlords don't feel that
that's particularly Fair the longer term
periodic stuff I feel after it gets past
the year I think that my opinion is that
the tency should be a year first and
then it can just go rolling I have a
problem with that but I think both
parties should have some commitment cuz
it does cost a lot of money to have
viewings done for all the legal stuff
that you got to do for the tency checks
the inventory like when I get my first
month's rent from a property I probably
only get about 15% of it there's so many
check-in fees and all this stuff that
just wipes out that profit I need the
tenant to be there at least 6 months
till I start making good money so that
is one problem for a lot of people um
next is the landlord
Ombudsman I mentioned that uh but the
Ombudsman is going to be where all
arguments are sorted for both parties
that could be good what's very important
here is that the very very important at
this stage is that there is enough
people in the the Ombudsman to deal with
these inquiries what you don't want is
for both sides you don't want the tenant
to say hey I've got a problem with this
landlord but the ombudsman's so busy
the first appointment is in 6 months and
I think that could happen quite early on
in this because it's going to get
overwhelmed with people so they need to
recruit and educate and get good people
in that for that to work and let's hope
that they do next and the last one is
the worst one for landlords and lots of
people I believe will quit as a landlord
because of this and that's section 21
being
abolished now the government has said
that will be gone by next next summer
that's fast that is not long at all
section 21 is no fault evictions it
means that for any reason you can get
rid of your tenant now a lot of people
use that in unfair ways for sure that
happens I have never even served a
section 21 I've nearly had to when I've
had a bad tenent that was causing
problems but they left fortunately for
me um but yeah you do get times where
you might need to maybe you've got a
tenant that's annoying people in the
blocker Flats uh unsociable and it's
just an easy way to get the tenant out
without using a section eight taking
months to go to court so section 21 is
going to be abolished that the
government are saying will happen by
next summer which is really really fast
that could happen because I said at the
beginning labor have such a big majority
they're going to not get much resistance
on this they can get lots of stuff voted
through quite quickly I feel personally
with all of this stuff happening and the
fact that this has happened so quickly
after Labor got into Power you're going
to see more landlords quit you've got
the capital gains tax which is a big
problem for them they've got that
incentive to get out before March
2025 capital gains tax is is likely to
be announced in the budget that it's
going to increased significantly because
of the black hole that labor have said
they found with billions of extra debt
that the government's got that's a hard
deadline and so if landlords list now
that are thinking of about getting out
the market they can get out and keep
more of their profits from that so you
could see a big landlord Exodus I've
done a video this week where 30,000 of
you have watched about landlords are
listing properties faster than ever do
go and check that out so look there's
Lots in this bill I agree with a lot of
it I think it's good to have better
stuff for tenants but I also think if
you're going to get rid of section 21
then you need something on the back end
of that that if I do get a bad tenant
that doesn't pay my rent that beats my
property up I need to be able to get rid
of them fast right now with that section
21 being abolished if you look at this
bill there is nothing in there zero in
there on Court reform how are they going
to deal with all these extra court cases
they're not and it's going to be a real
difficult situation and I think the
outcome of all of this is Sky High rents
I think you're going to see a lot of
landlords leave I think you're going to
see those properties sold maybe they'll
go to residential and those people are
sorted but there still always going to
be people that need to rent and they're
going to see massively higher rents by
2025 that's my prediction on this let me
know what you think in the comments
below keep it civilized guys do check
the ebook out just grab the ebook it
goes into detail on all of this stuff in
there and that will be useful to have so
just click on the link grab your ebook
and we'll email it to you straight away
do check out all the other content on my
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Bell check out all the other content on
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okay
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