“Dad, you need to write to all our landlords and tell them about the rules on Right To Rent Checks", my son said... I did laugh! “Who would be interested in that”, I said, ‘but it’s important Dad”, “I know”, I said, “But all this new legislation is so overwhelming”...
I responded, “Well whilst I’m at it then son, shall I also write to them about the new EPC rulings that take effect from next April, the new Section 24 rules that applied from this April, the rules about having to register deposits within a certain time frame or leave yourself wide open to paying serious compensation to the tenant, the rules about issuing a prescribed information form in the correct format and within the prescribed time period, the new rules/ timescales in dealing with repairs, the new rules on evicting tenants and the new paperwork to do so, the new rules on the supply and issue of the correct paperwork before a tenant can be evicted." The new rules etc etc etc... it just goes on and on.
There was a time that a Landlord would look to ‘go it alone’ and try and save a bob or two by trying to manage a property themselves, which was fair enough. But in the past two years or so this profession has taken a different course. The government, following pressure from the likes of Citizens advice and Shelter, have hit the industry with a whole raft of new legislation and the new penalties for non-compliance with these rules is up to a £30,000 fine or in some cases of serious neglect - imprisonment. I have read a whole host of ‘go it alone’ landlords who have tried to circumnavigate the system and failed miserably at a cost of thousands of pounds in fines and penalties.
In other word’s, the government have now become very serious about the BTL industry, just as they did with the financial services industry a few years ago and it is set to continue especially now considering the Grenfell disaster. Can we really see any let up with legislation?
Go it alone landlords from now on will seriously need to be careful because managing a property within this new climate is simply too much of a risk.
Anyway, having written all this I am so overwhelmed myself that I need to go and have a lie down! I think I need to have a rest before I can write more!