Property is a sensible, tangible long term investment. It's easier to understand than pensions, less volatile than stocks and shares, and more accessible than buying fine art or wine. Here at London Residential we have helped many ordinary people invest in property or rent out a home they no longer need to live in.
It doesn't surprise us, however, to hear that landlords operating alone - that is without the support of a professional managing agent - can easily end up breaking the law due to a lack of knowledge in the lettings sector. New research shows today's diverse nature of landlords - busy professionals, retirees, over 55s, accidental landlords - makes them difficult to reach and many are failing to keep up with the ever-changing rules and regulations that govern lettings (145 and counting).
Whether you have been left a property in a will and decide to rent it out, have a full time job leaving you no time to manage a rental or are making your first foray into buy-to-let, the presence of a professional property manager has never been more crucial.
Priya Patel, the Head of Property Management at London Residential, sums up succinctly by saying: "It's not unusual for landlords who have been managing lets on their own to come to us having unwittingly broken the law. They're just not aware of existing and new lettings laws, such as Right to Rent or the mandatory provision of carbon monoxide alarms. It's our job as professional property managers to stay on top of lettings laws so we can run legally-compliant lets on our landlords' behalf. It really is the difference between staying within the law and risking a fine or even a prison sentence."
“There are currently 145 lettings rules and regulations on letting. Not only do they seem to be changing all the time but they can vary from one local authority to another. It's no wonder landlords are confused, and struggle to keep up with the law, particularly if they are letting out property in another part of the country to where they live.”