Auxilio's Overview on Key Legislative Changes in the Property Industry
Auxilio, an award-winning outsourced conveyancing services provider, highlights significant legislative changes set to impact the property sector.
Key Changes:
Stamp Duty Land Tax (SDLT): Multiple Dwellings Relief to be abolished from June 1st, 2024, affecting transactions in England and Northern Ireland. This change aims to streamline property transactions and reduce complexities in the tax system.
Social Housing (Regulation) Act 2023: Enhances the Regulator of Social Housing's responsibilities, empowering proactive assessments of landlords failing to meet standards. This legislation aims to improve the quality of social housing and ensure tenants' well-being.
Building Safety Act 2022: Registered building control approvers must register with the Building Safety Regulator by April 6th, 2024, to continue operations. This requirement aims to enhance building safety standards and prevent incidents such as the Grenfell Tower tragedy.
Code of Conduct for Registered Building Inspectors: Failure to register as a building inspector after April 2024 will become a criminal offence. This measure aims to ensure that building inspectors meet specific standards, enhancing overall building safety.
Consultations and Inquiries:
Law Society Code for signing and exchange of contracts: Ongoing consultation for a new code setting protocols for conveyancing transactions. This initiative seeks to streamline and standardise contract procedures, improving efficiency in property transactions.
Inquiry into Home Buying and Selling Process in England: Cross-party MPs conducting an inquiry into obstacles and challenges in the home buying process. This inquiry aims to identify areas for improvement in the home buying process and enhance consumer protection.
Short-term Lets: Government reviewing options around the short-term letting market to adapt to changes in the accommodation sector. This review aims to address evolving trends in short-term accommodation and ensure appropriate regulation to safeguard consumers and maintain industry standards.
Among the notable announcements is the government's decision to abolish Multiple Dwellings Relief under the Stamp Duty Land Tax (SDLT) regime, scheduled to take effect from 1st June 2024. This measure, applicable to transactions in England and Northern Ireland, signifies a shift in taxation policies with potential implications for property investors and homeowners alike.
Furthermore, the enactment of the Social Housing (Regulation) Act 2023 in April 2024 introduces enhanced responsibilities and powers for the Regulator of Social Housing (RSH). This legislation empowers the RSH to assess landlords more rigorously, ensuring compliance with established standards and proactively addressing shortcomings in the sector.
The Building Safety Act 2022 mandates registered building control approvers to register with the Building Safety Regulator (BSR) by 6th April 2024, underscoring the importance of adhering to stringent safety protocols in property development and construction.
Auxilio is also closely monitoring legislative developments under the Levelling up and Regeneration Act 2023, which will usher in reforms to the planning system and the Community Infrastructure Levy. Additionally, the Leasehold and Freehold Reform Bill aims to streamline lease extension processes, making homeownership more accessible and affordable for individuals.
As a trusted partner in the industry, Auxilio remains dedicated to delivering excellence in outsourced conveyancing services. For more information on how Auxilio can assist, please contact Business Development Director Adil Hamid at info@auxiliouk.com or call 02070319905.
