Experienced letting agencies will often come across landlords and tenants in some sticky situations when taking on an additional property. Whether it is a trail of bills hindering a property’s credit rating, unpaid rental arrears, or a boiler that is not fit for purpose, letting your property can be a potential minefield when working without an agency.
It is essential that the legal obligations of a landlord are taken seriously. For example, if repairs carried out on gas or electric installations are undertaken without approved or registered contractors, this could not only put your tenants’ safety at risk, but could lead to prosecution.
Nikki Gaylor-Brookes, Director of Norfolk based letting specialists, Purrfect Let, said “our experience shows that properties let without an agent to save money, can be a false economy. Landlords are often ill-informed of their rights and the latest legislation. A breach of safety regulations, for instance, could impose a maximum fine of up to £5000 or imprisonment, or both.”
Your property is inevitably one of your most valuable assets, so it is essential to have peace of mind in knowing that it is managed in a thorough and appropriate way.
A professional and specialist letting agency will not only save you time, but will facilitate rent collections and keep you informed of all legislation changes which apply to you. They will even arrange any necessary repairs and manage tenant transfers, giving you peace of mind that you are on the right side of the law and your property is in good hands. This could be money well spent.
If you are a residential landlord and are not up to date on the latest legislation that may affect your property, take action now to find out more as soon as possible. Can you really afford to take the risk of being in the dark?
