Landlords 'unaware of' laws
Nearly 50 per cent of ‘accidental' landlords admit that they had no idea of the legislation involved in renting out a property, a new survey reveals...
The Deposit Protection Service surveyed more than 1,000 property owners who opted to rent out their properties rather than sell in the falling market conditions of the past year.
And 48 per cent admitted that they had not fully checked out the laws involved beforehand. One in five - 20 per cent - said that legislation was the most challenging aspect of becoming a landlord, more so than finding a suitable tenant.
It is believed that falling house prices over the last 12 months have led to a deluge of new landlords in the private rented sector.
Many of these landlords can be deemed ‘accidental' - homeowners who would rather have sold up but who could not stomach making a loss on their property.
Andrew Oulsnam, Managing Partner of Robert Oulsnam & Company, said, "The private rented sector has held up relatively well and becoming a landlord can be a wise decision for many people.
"However it is vital that new landlords take time and appropriate advice to learn about their statutory obligations - of which there are many.
"Using a qualified agent such as Robert Oulsnam & Company will ensure that accidental landlords do not get themselves into trouble."