Be A Better Landlord – … don’t chance your asset and revenue on non-compliance.

DON’T GAMBLE WITH YOUR BUY TO LET,  KNOW YOUR RESPONSIBILITIES AND ACT NOW TO COMPLY!

Being a landlord in the UK in 2017 is not the easy to do, sure way to build revenue of yester year. Not complying with all the regulations will cost you your revenue, the value of your asset and your peace of mind.

For a while I have been discussing the complexities of being a landlord since Deregulation came in October 2015 with landlords. The response has been varied with some landlords believing they are up to date, others asserting that by subscribing to the various associations that they will be told when they need to do things differently or add new processes to their tenancies and some, more worryingly, have fallen foul, lost revenue, whilst still being vulnerable by failing to meet all their duties and  being subjected to lost of revenue, fines and claims of compensation to their tenants, again.

I spoke to a property professional who’s main client has about 100 properties, when I was going through the prescribed and mandatory requirements of landlords, he remarked that some of the portfolio could be sold to meet any significant fines. Fast forward a few days and we spoke again and during our short conversation the realisation started to sink in of the enormity of the situation, some of the updates had not been noted and applied. Its going to be a sizeable task to get the portfolio back on track, not following the prescribed and mandatory requirements to the letter means time, effort and money wasted on tenants who can get compensation on the backs of their landlord not complying.

A classic example: Details of the Housing Act 2004, prescribed requirement

• The details of the act are a list of information taken from the tenant and given to the tenant, agreed and signed at the start of the tenancy.
• You take an address from your tenant for use after the end of the tenancy and advise your tenant among other things of circumstances where you might deduct from the deposit.
• Without this agreement made at the start, you could have a signed confession from your tenant of damage caused during the tenancy and still not be able to deduct if they complain to the tenancy deposit scheme, which invariably they will.
• Most deposit schemes assist with most of the information required but not all, omitting some of the information can be a costly mistake.

 

Here at Be A Better Landlord we know all of the processes required for you to be a compliant landlord, not just what you need to do but how you need to did them, so that you:

• Protect your revenue
• Avoid loss of rental income due to non-payment or fines and compensation
• Future proof your rental property from forth coming legislation
• Increase your asset value

Contact us today if your about to start a new tenancy or renew an existing tenancy.

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