The private rented sector is a challenging landscape to negotiate, with tax changes and ever-changing regulation meaning that landlords now, more than ever, need greater support to help cope with industry changes, according to new research.
A nationally representative survey of private landlords, undertaken by online agent Urban.co.uk, has found a significant lack of awareness among those who have invested in the buy-to-let sector.
The Landlord Knowledge Survey found that:
+ 91% of landlords aren’t following the correct process when it comes to tenants’ deposits.
+ 90% of respondents weren’t up to date when it came to the new GDPR regulations and what documents are required to be compliant.
+ 51% of landlords answered incorrectly when asked how often they need to apply for a Gas Safety Certificate for their rental property.
+ Only 32% of landlords knew the legal requirements for the number of smoke alarms required.
+ The majority of landlords - 82% - are unfamiliar with the legal size of room allowed to be rented out to a single person - the correct answer is 6.51 sqm.
+ Just 18% on landlords know they must give 24 hours notice before requesting to enter their rental property.
+ Other questions covered energy efficiency, the Section 21 notice, deeds of surrender, selective licensing.
Adam Male, director of lettings at Urban.co.uk, said: “With more and more legislation coming into effect and those already in place being amended, it isn't easy to stay in the loop.
“However, our survey looks to educate and inform UK landlords so they stay aware of the obligations they have to their tenants in order to protect both parties and make for a more harmonious letting sector overall.”