How does a landlord, with just one or two properties, ensure that they have everything they need, all in order, to make sure they are compliant with every piece of old and new legislation that is currently in place, many of which carry severe penalties, for failing to get right? It really is a difficult question, especially for those landlords that have full time jobs elsewhere, as it is no longer a case of having an old photocopied tenancy agreement and a standing order form.
Of course, it can be done, but it is not easy, most landlords for this reason still choose to go through a letting agent and of course, I would recommend that they do let and manage their properties with the assistance of an ARLA agent, but what if they really don't want to? Just what can they do to stay abreast of all the regulation changes, legal updates, and more importantly the record keeping and paperwork.
The latest De-Regulation Bill and Right to Rent Act, have both been revolutionary in bringing major change in the requirements for strong record keeping, and processes to be followed to the letter for every new let, with strong consequences. For example, not being able to serve section 21 notices in the UK or prosecution for those that fail to do as required or those that cannot prove that they did follow the rules. Landlords really now do to have be very tight on their record keeping, more so than ever before, to have the benefit of proof on their side, if it is required.
Over the last 26 years in the residential lettings industry and having let and managed over 6000 properties, here are my top tips on keeping your and your tenancies compliant and to ensure you have trouble free management.