Hardly any landlords we meet are fully legally compliant when we first speak to them, but it’s never on purpose. In fact, most of them genuinely believe they’ve got everything handled.
Unfortunately, this often means that problems are already brewing by the time they contact us, and some of the biggest areas where landlords come unstuck include:
Given the regular changes in legislation, it’s no wonder that so many landlords get caught out. But it doesn’t have to be that way, and a good managing agent can really save you a whole heap of hassle.
With that in mind, let’s look at the potential traps you might not be aware of and how we stop you from falling in.
Lots of legislation is now tied to financial penalties, including compensation for tenants and fines that local authorities are allowed to keep and encouraged to enforce.
Among the numerous things to be aware of are:
With such a minefield of possible pitfalls, we regularly review our procedures to have watertight paperwork that protects our landlords from costly legal action, fines and compensation claims.
Given the shortage of available rental homes, tenants will understandably do anything to avoid having to leave if they are given notice.
We meet plenty of landlords who come up against tiny loopholes that stop them from taking possession, and some recent examples include:
Given how long possession proceedings take, we ensure accurate paperwork to be able to serve notice smoothly. And, if it ever does come to legal action, to ensure the case won’t be lost on a technicality.
Rent increases can be a tricky subject, and many landlords freeze theirs for years when they have good tenants, even when rents are rocketing and despite facing higher taxes and mortgage costs.
Having long-term tenants you trust is the holy grail of being a landlord, but it’s just as essential to have a viable business, and we wouldn’t be doing our job if we didn’t speak up about that.
So here are some things to consider when you’re questioning whether or not to review the rent.
If it comes to it, finding new high-quality tenants isn’t hard right now. However, our experience is that a carefully managed rent review can retain responsible tenants and reward diligent landlords.
Far too many landlords leave the door wide open for costly repairs and disputes that could have been avoided, and these are some of the most common pitfalls.
All of this is why we prepare comprehensive tenancy agreements with detailed inventories, then educate tenants on what to look out for, and carry out regular inspections on every property we manage.
Staying on top of lettings legislation is time-consuming and confusing, and you could suddenly find yourself outside the law if you don’t spot an update on the Government or local authority websites.
A few examples of misunderstandings among landlords include:
It’s all too easy to forget that documentation from a few years ago might be running out, so we have robust systems and reminders in place to ensure our landlords stay on the right side of the law.
It’s far better to be safe than sorry, so if you own a rental property in the Wilton & Salisbury area, get in touch for a no-strings check to see if everything is in order, or what needs to be done.
Call us on 01722 580059 or email us at firstname.lastname@example.org for a chat with one of our team.
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