The government has extended leaseholder protection for landlords and buy to let investors in order to reduce the required costs of repairing and replacing the cladding on outdated buildings. All landlords are eligible reguardless of how many properties in the portfolio. Housing secretary Michael Gove has responded to the need to protect smaller landlords from rising costs and the risk of entering debt or negative equity.
No leaseholders will pay for cladding work and non-cladding will be covered by up to £10k or £15k in the London area however leaseholders with properties worth up to £175,000 (or £325,000 in London) will not pay towards non-cladding costs at all.
Homewoners with properties worth £175,000 to £1m will benefit from a £10,000 cost cap. In London, those with homes worth £325,000 to £1m will have a £15,000 cost cap.
Above the £1m mark, costs are the same on property reguardless of location. All leaseholders with property worth between £1m and £2m will pay up to £50,000 and above £2m, the cost cap is £100,000.
One More Thing:
Reddbox has just launched new insurance plans, allowing you to secure nine months of rent upfront, take out home insurance and as a free additional gift , insure electronic devices under the gadget insurance plan. You can still hire tradesmen and store documents all in the app, and let Reddbox calculate the figures for you, in time for the Making Tax Digital mandate.
Our offer: Download the app and start saving time managing your properties. Follow the screens to provide your details, and that’s it. Some of the key features why you should consider Reddbox are –
- A completely app-based, super simple service booking process.
- Options to pay for the service over a few months without any additional interest or fee. See our rates here. Be quick, we are running promotional rates at the moment.
- You can book the service seven days a week, which means no need to disrupt your busy day.
- A very transparent cancellation and refund policy.
- And the best one – Reddbox will automatically organise all the relevant documents such as invoices and certificates.