Landlords who manage all factors of tenancies on their own must be careful not to fall foul of the law.
For those of you who assemble tenancy agreements and other critical documents yourselves and without expert guidance could be inadvertently breaking the law.
A recent survey carried out via Direct Line discovered that 58% of landlords who don’t use a letting organisation use tenancy agreements from either old contracts or a template they located on line.
Direct Line additionally claimed that 13% of landlords have experienced some type of dispute springing up from tenants rental contracts and one in ten landlords have NO tenancy agreement in place whatsoever.
With the new regulation and law that has been brought into the private renting sector in the last few years, landlords cannot take any chances or get matters wrong and DIY landlords will be at higher risk.
Just this year the section 21 eviction process has been updated and new energy efficiency policies have been introduced. Landlords now have an obligation to install smoke detectors and carbon monoxide alarms in all rented homes.
Just lately, the government has issued updates to the rent arrears and rent increase forms that are to be used by landlords, more documentation to be correctly completed and stored.
There are more energy efficiency policies within the pipeline, to be introduced inside the next few years.
Experienced landlords who deal with all matters themselves can save money and time, however for the novices, getting expert help is vital.
DIY landlords should consider joining an association such as the NLA or Guild of Residential Landlords, support and advice along with access to the tenancy documents are part of the members package.
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