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Brexit - EU Tenants will need greater Right to Rent checks

24th Jun 2016

Category: Property headlines

Tagged: Right to Rent, Brexit, Legislation

We woke up, or stayed up, to the news that the UK has voted for Brexit. This may have a number of impacts....

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We will post new news stories as we hear about the ongoing impact of Brexit on the Property Industry.

An immediate consequence will be that things are simply uncertain.  A few things to note that we consider may be possible (not definite!):

  • Banks have lost some liquidity, in that their share prices have dropped.  It means lending criteria may get tighter and therefore mortgages harder to obtain.
  • If the value of the pound stays depressed, then our property assets will appear cheaper to foreign investors.
  • Commercial property may have clouds of uncertainty as businesses ascertain the impact on them over the next 5-10 years and potentially put off investing in new premises / recruitment etc - All of which may drive commercial unit prices down or depress rents.

One rather definite (we think?!) thing is that our EU neighbours would suddenly start to need Visas etc - that's one of the main campaign points of Brexit, to control the borders.  So, Right to Rent checks will get a little bit more tricky.  Currently, Non-EU tenants need to have their ID and Visa verified in person prior to the start of the Tenancy, no more than 28 days before.  We wrote a blog article before which outlined some of the difficulties on the Right to Rent checks in houses with multiple tenants in.

Right to Rent hurdles and difficulties

Phil Ashford

Comfort Partner

An experienced Chartered Accountant and a Founding Partner of Comfort Lettings.

Connect with me on Linkedin

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