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Landlords have been advised by a PropTech engineer to seek guidance from letting agents to navigate red tape.
The rental market has undergone many changes in recent years, causing some lack of clarity amongst Landlords. With so much to keep track of, it can be challenging to stay up-to-date with the latest changes alone, that’s why letting agents are a valuable resource for Landlords who want to protect their properties and avoid penalties.
Neil Cobbald, Managing Director of PayProp UK, stated “No matter which party wins the next election, reforming the private rental sector will be high on their agenda. Proposals to reform the PRS and introduce new rules and regulations cover everything from energy efficiency to tax returns to anti-money laundering measures”.
The long-awaited renters reform bill proposes the removal of section 21 evictions. If the ban is implemented, Landlords will need to have a valid reason for evicting tenants, such as rent arrears or antisocial behaviour. Additionally, the renters reform bill suggests an abolition of letting fees and an introduction of a new lifetime deposit scheme.
These changes are expected to improve transparency and affordability for renters, but they will also place additional responsibilities on Landlords to manage deposits and rental payments.
Alongside new regulations being implemented across the country to ensure the safety and energy efficiency of rentals, Landlords must ensure that they are up-to-date with new laws to avoid large penalties from non-compliance.
Working alongside a letting agent will ease these concerns and provide Landlords with the peace of mind that their rentals are complying with new laws.
To deal with upcoming changes, Cobbold urged “Letting agents and Landlords make a perfect match. The agents have the professional and managerial expertise to get the optimal return from the Landlords’ valuable assets, ensure their tenants have a great rental experience and protect them from the penalties of non-compliance.”