Due to the fact that most people now rent a property instead of own one, the government have been looking into news ways to crack down on rogue landlords who do not look after their properties or their tenants. This has led to the introduction of news legislations that are affecting the private rental sector, however even though most private landlords are happy to help when it comes to improving the sector, many have said that they are confused when it comes to these new legislations.
In a survey carried out by the buy to let lender Paragon Mortgages, names the BDRC Landlords Panel survey, 46 per cent of landlords said that they are finding it difficult to keep up with all the new rules concerning landlords, and another 43 per cent said they were still worried about the impact that Universal Credit will have on the private rental sector. Discussing the results, director of mortgages at Paragon, John Heron, said: “It’s interesting to note that although many of the landlords surveyed were greatly experienced, having owned buy to let properties for a considerable time, there is still a need across the board for information, help and advice.”
“Of course the buy to let landscape never stays the same, and new regulations affect professional landlords just as much as they do those who are relative newcomers to the market. Paragon would always advise our customers, experienced or otherwise, to do their homework before they commit to buy a rental property. It is vital to research the market, the area and also their obligations as landlords. Buy to let isn’t a short term investment. Many of our customers have been landlords for more than two decades, and see their portfolios as an alternative to a pension when they retire.”
There are a number of ways in which landlords, experienced or otherwise, can find information about the private rented sector and get advice when it comes to legislations they do not fully understand. Mr Heron suggested joining a group such as the National Landlords Association that not only provides information for landlords but also argue on their part when it comes to government debates. Your landlord insurance provider can also help you make sure that your business is adhering to all the regulations it needs to, especially as their job is to help you minimise risk and make the most out of your properties.