The importance of Letting Agents assisting landlords through the 'minefield' of the private rental sector has been highlighted in the findings of a recent Landlord Knowledge Survey of almost 4,000 buy-to-let investors.
The recent survey, carried out by Urban, has revealed:
- 90% of landlords made errors when questioned on their responsibilities over tenancy agreements;
- 70% are not aware of Right To Rent regulations procedures which came into effect a year ago;
- 66% don't adequately test the smoke and CO2 alarms in their rental properties;
- 50% appeared unaware of the potential tax consequences of April’s start to the phased reduction of mortgage interest tax relief.
- 38% did not know their tenants could refuse them access to their property even with 24 hours notice;
- 20% are unaware of Energy Performance Certificate regulations;
- 17% were unaware of Minimum Energy Efficiency Standard changes coming into effect from next year;
- and many landlords were unaware of the repercussions of failing to join selective or local authority licensing schemes that exist in many areas.
Adam Male, co-founder of Urban said. "One reason to explain the lack of industry knowledge could be due to the recent influx in new regulations, which have flooded the rental market”
If you are a landlord, and also unaware of any of the above, please do not hesitate to get in contact as we'd be delighted to talk you through such industry regulations and legislation.
Source: Letting Agent Today