Lettings Management: A must-have for every landlord in 2024
The last few years have seen a range of new laws and rules for landlords. 2024 looks to be no different, with new regulations and laws soon to come into effect. The penalties for not adhering to these laws can be onerous, which is why more and more landlord clients are asking us to manage their properties for them.
Having reviewed what’s coming, we now think it’s essential to have an agent managing your rental property so you don’t fall foul of the law. Here’s why:
There are so many rules
The private rental sector in England is governed by an increasingly complex array of legislative and regulatory requirements, a breach of which can carry significant financial penalties or even cause a landlord to unwittingly carry out a criminal offence.
The Renters’ Reform Bill is on the way
Keeping up with legal and regulatory requirements will soon become even more of a challenge – even for the most diligent and conscientious landlord.
The Renters’ Reform Bill is a piece of legislation that has the potential to transform renting.
The release was delayed due to the significant impact that COVID-19 had on the housing sector, but we expect it won’t be too long before it comes to pass. This will bring about more changes to the law and make being a private landlord even more of a minefield.
Making a mistake can be costly
Helped by recent government funding, local authorities are increasingly enforcing breaches of laws and regulations. A recent report showed that in 2023 an average of £90,000 a month in fines were handed out to landlords and agents who had failed to fully comply.
Delving deeper into the report, over £1 million more in fines were handed out from December 2021 – December 2022 than the previous year. In August 2022, fines totalling over £238,000 were handed out – the largest monthly amount that year.
This is a great income stream for local government, so it is bound to continue and can only increase. How would you cope financially if a fine fell on your doormat?
Can you afford to go it alone?
In our view, it’s becoming riskier and riskier for individuals to manage their property without professional representation. Aside from the onerous paperwork, you risk fines and worse if you make an error. It’s therefore wise to get a professional on-board so you can relax and get on with your day-to-day life.
