Evictions are getting harder, tightening up regulation and paperwork, the immigration act, Rent Smart Wales (licensing), tax changes reducing cash flow and stamp duty increases are all making the lot of a landlord much harder and is probably making many question, why they do what they do and whether they should continue. So what is the objective here?
As someone who was once illustrated with my skeletal structure, being all about compliance, processes and systems, I in one sense am really pleased with some of the regulation changes that are coming about, as I believe that it is really important that as an industry (the private rental sector or PRS) we need to be doing things right. But at the moment it is starting to make me wonder if we have all collectively broken a few mirrors...
A few of the changes that landlords and agents now have to put systems in place to manage include:
- We have to show PROOF that a gas cert and EPC was issued to the tenant.
- We have to have PROOF that we issued the How to Rent guide to the tenants.
- We have to test the Smoke alarm on the day of move in (and need proof of this for protection).
- Maintenance has to be dealt with within 14 days of being reported in writing by the tenant.
If none of the above is done then a section 21 cannot be used and possession would be impossible without tenant default.