How long have you been a Landlord? Years? Recently?
What made you become a landlord? A deliberate investment strategy? Accidental landlord?
Is it everything you thought it would be ………..?
I bought my first property at the tender age of 19, it was a three bedroom flat and I rented out 2 of the rooms and became a landlord. The rental income completely covered my mortgage and thoroughly enjoyed the company of my flat mates.
Not in a million years, did I think back then I would end up pretty much dedicating my life to the property industry, which is nearly 30 years!
The road has been a pretty good one, however, the last few years have given me so many sleepless nights, with the ever changing legislations that can result in huge fines and criminal records, I sometimes wonder why….?
In some ways I am fortunate, as being heavily involved within the industry, I receive emails daily, updating me on the changes. BUT if you are a private landlord, how do you keep on top of it? It is the classic
‘you don’t know, what you don’t know’
GDPR (General Data Protection Regulation), will affect you? This is coming in next month (May 25th), if you are holding personal data belonging to your tenants, then you should perhaps be looking to join ICO (Information Commissioners Office).
Can you prove you provided various documentation prior to a tenant signing a tenancy agreement? Do you follow the ‘right to reside’ checks requested by the immigration office? Do you know the implications of not being able to prove this?
The government’s stance is, you are not entitled to be ignorant. If you are a landlord, you must take responsibility. So being a private landlord is hard, if you are not involved in property in some way.
Choosing the right letting agent is also hard, there are so many rogue ones out there, I have seen agents come and go, very often with the deposit money, months of rents and even charging VAT when they are not VAT registered.
I promise as the owner of Move On Sales and Lettings I will look after you and do my ‘absolute best and beyond’ to ensure you are fully compliant. Please talk to me and don’t have a sleepless night.
Have a good week!
If you would like a friendly, no obligation chat regarding selling, renting or investing in property, then please Email firstname.lastname@example.org or telephone 01202 711169.