New and existing Landlords are you sure you are compliant with all the regulations and keeping up to date with recent changes?
Continual updates to property letting regulations make it hard for the average landlord and tenant to remain legal. Legislation for landlords to provide safe and compliant homes is constantly up-dating, but many landlords feel it is becoming more onerous and harder to keep up with. If you are unsure about any of the updated legislation mentioned in this article email email@example.com
The following is a list of some changes introduced in the last 12 months that all landlords should be aware of and ensure they are compliant with.
With so many new laws recently introduced it can be increasingly difficult for landlords to self-manage their portfolios and ensure that are up to date with current legislation.
10% of landlords have no formal tenancy agreement in place at all with their tenants and Landlords may also be unwittingly asking tenants to sign documents that are not legally compliant as they are using old outdated tenancy agreements.
The consequences of not being compliant places the landlord at greater risk of tenant problems, significant fines and potentially putting a tenant’s life at risk through non-compliant gas installations.
The vast majority of the U.K.’s circa 2 million landlords are often people who do not even consider themselves a landlord, as they have a day job or career and just invest in property as a pension hedge or to generate additional income. They may be too busy in their work-a-day world to keep up with their legal obligations.
The majority of landlords let out just one property, so you do wonder how on earth they are supposed to keep up with these changes. Many don’t use a letting agent – and of those who do, only 60 per cent use an agent who keeps up to date with latest changes via bodies such as the National Approved Letting Scheme or Association of Residential Letting Agents. Belvoir Dunstable are a member of the Property Ombudsman Scheme, NALS and SAFEagent.
Why would you use a Letting Agent ?
Legislation and Training
Regulated letting agents must keep up to date with the latest legislation to ensure their teams have a full knowledge and understanding of all legal and compliance surrounding the letting of properties. Belvoir have a legal and Compliance team in their Head Office in Grantham to ensure we are kept fully compliant and up to date.
Membership of a redress scheme
Regulated letting agents must be members of a redress scheme to ensure consumers are protected. Belvoir Dunstable are members of The Property Ombudsman (TPO) a UK government-approved organisation which providing independent conflict resolution and raising standards of service in the residential property industry.
Your money is protected
Belvoir Dunstable have client money protection ensuring that rent deposits and client funds are protected. Belvoir Dunstable are also members of the SafeAgent client money protection scheme. This ensures that client money is held in a designated client account and accounts are independently inspected annually (and an accountant’s report is submitted to NALS each year).
Professional Indemnity Insurance
Belvoir Dunstable have professional indemnity insurance (with the appropriate cover). Professional indemnity insurance covers businesses in case inadequate advice or services are provided to a client; professional indemnity insurance will cover legal costs and expenses in defending a claim, as we as compensating businesses for any monies required to rectifying a mistake.
If you are unsure about any of the updated legislation mentioned in this article email firstname.lastname@example.org
Daniel Bourke is the owner of Belvoir Lettings Dunstable and in his previous career in Architecture he was an Associate in a leading London Architectural practice