The residential lettings and management industry is currently going through some monumental changes. These changes include a vast array of legal changes to an already complicated legislative arena as well as changes required in the mindset of a landlord in order to keep a rental portfolio fully let in the current market. There are obligations as a landlord to protect your tenants, contractual obligations with your lender whilst also taking on potential financial risks. Becoming a landlord means balancing all of these the responsibilities at the same time as attempting to maximise your income and minimise your spend. In the last six months alone there have been new rules on smoke alarms as well as the introduction of Rent Smart Wales. The best landlords always ensure they are up to date with new legislation or they pay a managing agent to do it all for them. After all failing to adhere to the rules can be expensive.

I have outlined below the main areas to consider in an infographic which has been designed to easily identify the skills and knowledge required to be a fully compliant Landlord.

Infographic - LL legislation.jpg

In addition to the above requirements legal knowledge is required in how to vet a prospective tenant, how to sign the correct tenancy agreement, how to serve the correct notices when dealing with rent arrears, eviction and possession procedures. Then there is the TDS procedures which include correctly designed and executed inventories, check in and check out forms.  Not forgetting, providing accounts reports for year end on income and costs. A knowledge of Planning Permission and building regulations are required if you wish to make alteration to your building which are essential to avoid unnecessary costs and potential prosecutions. There are further standards that registered letting agents work to on behalf of their clients in order to achieve best practice. These now differ between England and Wales.

So in summary if you are unsure about any of the above, get yourself educated or better still put your property in the hands of a registered letting agent who can take care of this for you. At Keylet many hours are spent on a weekly basis keeping up to date with changes in legislation and trends within our industry which is fast becoming a full time job in its own right. If you wish to discuss or have concerns about any of the above please contact Keylet Sales & Lettings on 02920 388399

Published: May 27, 2016