Following on from a useful update from the Council of Letting Agents, Chapmans wishes to update you on the progress of the New Private Tenancies Bill.
“The Housing Minister and MSPs put forward nearly 200 amendments to the private tenancies bill at stage 2 and on 10 February these were voted on by seven MSPs who are members of the Infrastructure and Capital Investment (ICI) committee. The majority of the amendments were approved. The most noteworthy and concerning amendments for private landlords were as follows:
1. Removing the ability to set an initial fixed term
2. A relaxation of the mandatory rent arrears ground
3. Exempting purpose built student accommodation (PBSA) from the regime
See the full details and analysis of what these amendments will mean for the private rented sector via this link.
The bill now progresses to stage three where further amendments can be lodged by MSPs. All MSPs will have the opportunity to vote on amendments at the end of the third stage. The third stage completes the passage of the bill through parliament and when it is complete no further changes can be made to the wording.
When the third stage is complete the bill should receive royal assent later this year but the new regime is unlikely to be introduced until the end of 2017/early 2018. Therefore landlords do not need to make changes to their paperwork and procedures for the time being.”
Chapmans will continue to keep you updated on what the implications will be and any changes in strategy you should be considering.