Proposals for a Selective Licensing scheme in parts Birkenhead and Wallasey has been approved by Wirral Borough Council and is set to come into force on Wednesday 1st July. Landlords with privately rented properties in selected areas will have to make sure they have licences or face fines.
Standard fees for licences are set at £695 for the five years of the scheme. With interest rates stuck firmly in the gutter, investors are looking elsewhere for opportunities to invest their savings. One popular opportunity is the rental property market, you either get a mortgage on a property and then rent the property out, thus paying the mortgage. With property holding its value nicely, it's an opportunity offering a degree of security whilst offering decent returns on your investment. Sadly, its not without its pitfalls. The following link offers answers to questions such as Does A Buy To Let Owner Need Landlord Insurance?.Discounts are available for landlords who attain licences within the first three months of the scheme - or three months of buying a property in a designated area - or have accredited properties. For more information on fee structure, view the Wirral Borough Council Consultation Appendix on fee structure.
The discounts are extremely favourable so it is strongly advised that affected landlords register early and heavily consider accreditation.
The RLA opposed proposals for Selective Licensing in the area and provided a consultation response. However, now that the proposals have been given the 'go-ahead' we are encouraging affected landlords to act quickly to avoid fines and potential prosecution.