It’s been a hot topic in the private rented sector recently: should all landlords be regulated in order to ensure tenants aren’t targeted by rogues? So far there have been a number of statements from those both for and against mandatory regulation of the private landlords, and now it seems as though landlords on the Isle of Man are weighing into the debate, especially as legislation may pass there in the near future.
Many landlords from the Isle of Man have said that the proposed new laws are too draconian and that by introducing them less people will be inclined to let out properties on the island. This is why the Manx Landlords’ Association is currently in talks with ministers in order to represent the views of concerned landlords; however Social Care Minister Chris Robertshaw MHK has said that the new laws will help both landlords and tenants alike.
At a recent meeting, committee member Stephen Moore told concerned landlords: “One point I wanted to emphasise is that landlords are investors in the island and they support a whole industry from estate agents to trades people like plumbers and joiners.” And Mr Robertshaw added: “People are saying it will be expensive, bureaucratic and onerous, but it is none of those things. For example, registration will be every three years, not annually and we are not going to go round and systematically check every property.”
However, one landlord at the meeting argued: “People looking to move here will think twice about it if they can’t handle their investments as they wish.” Under the new legislations, landlords will be expected to keep all their properties up to a certain standard, and there have even been talks about bringing in a model tenancy agreement. However, some landlords have claimed that those will older properties may struggle to get them up to the required standards, while others believe that the model tenancy agreement will end up too ‘pro-tenant’.
If the legislations go through later on this year there may also be changes to many people’s landlord insurance policies, as if a landlord fails to adhere to the new regulations they could find their policy becoming void. It is not clear yet whether ministers on the Isle of Man are willing to adapt some of their new policies, and how they will be implemented later on this year.