How a good letting agent protects their landlords from new regulation pains
We read an article recently which claimed many landlords were unaware of regulations which could affect their property portfolio.
In some cases, non-compliance could leave landlords at risk of hefty fines.
In the article, it claimed a survey of 4,000 landlords had highlighted a real lack of knowledge about regulations, including the Energy Performance Certificate criteria and also the Government’s existing Right to Rent scheme (NB: Right to Rent does not currently apply in Wales).
According to the survey;
1. Only 52% of respondents knew it is against the law to rent properties with an EPC rating of F or G (as from April 2018).
2. 17% of those surveyed weren’t even aware of the changes.
3. Another 31% mistakenly thought the rules came in to force in June or December.
4. A fifth of those who were surveyed were also unaware about rules on accessing a tenanted property.
5. A whopping 70% didn’t know about the penalties – unlimited fines and imprisonment – for failing to comply with Right to Rent regulations (This legislation does not apply in Wales).
6. A third of those surveyed were unsure of when a gas safety certificate should be issued.
7. 90% didn’t know whether a tenancy agreement needed to be reissued if there was a new tenant.
The survey and subsequent article highlighted more gaps in landlords’ understanding and knowledge of the industry.
Which leads us to our main point – when a landlord instructs a knowledgeable and experienced letting agent a lot of the things mentioned above will be explained to them clearly and expertly.
Thanks for reading and if you have any other property related questions please don’t hesitate to get in touch with us – we’d love to help you.
The Moginie James Team
PS: If you want to let your property quickly, professionally and cost-effectively call our team on 02920 761 999 or email: email@example.com for honest, expert and friendly advice.