LEICESTER LANDLORDS who are in the top income tax brackets face cuts with respect to TAX RELIEF on interest payments from mortgaged properties.

In a nutshell, if you are a LEICESTER LANDLORD who is in the higher income tax bracket of 40pc and 45pc, you are currently able to claim tax relief of up to 45pc. New legislation means that top rate LEICESTER TAX PAYERS can only claim up to 20pc tax relief on mortgage interest payments.

"Gradually phased out"

George Osborne has advised that the measure will be phased out "gradually" (commencing from 2017) and it is seen as a big blow to LEICESTER LANDLORDS who have wisely saved and invested their money into property. It seems as though ENTREPRENEURIAL SAVVY LEICESTER LANDLORDS who like to DIVERSIFY their earnings are being punished unfairly.

In my opinion this will only increase LEICESTER RENTAL asking prices which will affect LEICESTER FIRST TIME BUYERS thus defeating the purpose of the objective in helping these individuals saving for their first home!

This is as good as a time than ever to get in touch with FIRST 4 LETTINGS for FREE LEICESTER PROPERTY PORTFOLIO HEALTH CHECKS.

Mayur Sachdev | BA (Hons) | MNAEA | 0116 2706000 | www.first4lettings.co.uk | 163 Clarendon Park Road, Leicester, LE2 3AJ

Written by Mayur Sachdev

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As well as paying the rent, you may also be required to make the following permitted payments:

1) Holding Deposit: Up to one week’s rental

2) Deposit: One month’s rental (5 weeks rental dependent on individual’s circumstances)

3) Payments for utilities (gas, electricity & water), communication services (telephone & broadband), Installation/Subscription of cable/satellite, TV licence and council tax

4) Default Fee (late payment of rent): If full Rent is not paid within 14 days or more of the Rent Due Date there will be a charge 3% plus the Bank of England base interest rate of the full rental amount until full payment is received

5) Default Fee (breach of tenancy agreement, any other permitted payments, under relevant legislation including contractual damages): For any breach of the tenancy agreement based on the reasonably incurred costs of the agent or landlord

6) Replacement of keys, fobs or other security devices

7) Default Fee (changes to the tenancy): An administrative charge of £50.00 or greater for any assignment, variation or novation of the tenancy agreement made at the tenant’s request (only if agreed by The Landlord and/or The Landlord’s Agent)

8) Payments in respect of early termination of a tenancy agreement at the tenant’s request


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