The Compliant Landlord
The Keys to Becoming a Compliant Landlord
Becoming a landlord is a dream for many, but with more and more of us becoming second home-owners, investing in Buy to or pursuing unconventional routes to property investment, it’s also a reality for a growing number of eager new property investors.
There are many benefits to being a landlord. However, there are also several things you should be aware of to ensure legal compliance. Failure to comply could have serious legal repercussions.
Notify the right people
If you already have a mortgage, then you will have to notify your mortgage provider of intent to let the property in order to remain compliant.
For property investors who have purchased leasehold properties – to rem you will also have to notify your freeholder. In addition, insurance providers must be kept in the loop about these changes, to ensure you have the right level of insurance cover for a rental property/property investment property.
The compliant landlord would want to be accredited.
Landlord accreditation helps reassure prospective tenants, providing training and a code of practice which members adhere to. If a budding landlord is not sure how to achieve accreditation, then chatting with a property investment lawyer is a great place to start.
There are several accreditation schemes available. Many of them are run in association with local authorities. Being in touch with a landlord lawyer will help provide that added layer of assurance that everything is being handled in the correct, compliant way.
Find a letting agent
Some landlords choose to handle their rental themselves, but this can be time-consuming and tricky to get right. In addition, failure to let through an agent may result in accidental illegality.
The compliant landlord will work hard to avoid any potential pitfalls by securing themselves a reliable letting agent who will take care of all the essentials, keeping the property ticking over with minimal fuss and hassle.
Most reputable letting agents will offer a tiered level of service, meaning that the landlord can select whether they want to rescind management of everything from the day to day running of the property to simply allowing their agent to handle rent collection and sourcing tenants. The service level selected will depend upon the landlord’s needs and wishes.
Ready to find out more?
If you’re ready to take the next step in your landlord journey, we are on hand to help. Experienced in all areas of property investment, our expertise at Creative Legals will help you stay on top of legal compliance. Download our FREE compliance guide here.
Eviction lawyer and Lease Option Solicitor
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