DIY Landlords Need to Be Careful
If you are a landlord and manage all aspects of your tenancies you must be careful not to fall foul of the law, after legislation changes in the Private Rented Sector, warns an Oldham Solicitor.
Investing in a Buy to Let was seen as the pension pot of the early 2000’s and whilst some landlords use an agent, others prefer the DIY approach but without professional guidance they could be inadvertently breaking the law.
A recent study by Direct Line found that 58% of landlords who don’t use a letting agent use adapted tenancy agreements from either old agency contracts or a template they found online, which might be out of date.
“In every aspect of your property portfolio, whether you have multiple properties, or indeed just a couple of buy to lets, I would advise using professional at every stage, when buying, selling and of course renting out,” said property solicitor Ian Bowen.
“In the past year there have been wide-scale changes to the Section 21 evictions process, as well as energy efficiency regulations, so it’s essential landlords are up to date. Even something simple such as installing smoke detectors and carbon monoxide alarms, which people may think are optional, are covered by legislation,” he added.
“Just recently, the Government has also issued updates to the rent arrears and increase forms that can be used by landlords. What's more, there are further energy efficiency regulations coming into force in the next few years and I predict more red tape to follow, so an agent is becoming more and more essential.”
It was also noted in the study that 13% of landlords have experienced disputes specifically arising from tenants’ rental contracts in the last two years and that one in ten landlords has no formal tenancy agreement in place with their tenants.
“Providing and maintaining the correct documentation has become an increasingly important part of being a landlord, for example a detailed and professionally compiled inventory really could save a landlord money at the end of a tenancy,” said Ian.
Anyone wanting advice on buy to let investing and the role of landlord can contact Pearson Solicitors on 0161 785 3500
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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
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