With the ever-changing landscape of the lettings industry and legislation, being a landlord can be a minefield. So many individuals view ‘becoming a landlord’ or investing in property, as a quick income earner without fully understanding the responsibilities and regulations that are involved.
We are now seeing an increasing number of landlords approaching agents with a problem tenancy or property, with their defence being ‘I didn’t know’.
Whether your property is managed by a professional letting agent or not, landlord education is of paramount importance, especially as there are over 170 pieces of lettings specific legislation that you need to abide by. And this legislation does not just apply to the property specifically.
As a landlord you are responsible for completing your own tax returns (including remaining up to date with changes surrounding this), complying with mortgage lender terms (if applicable) and will soon be responsible for confirming that your property is ‘fit’ for purpose, when the government introduce their landlord’s portal and ombudsman.
A lack of understanding of the role of the landlord, means that many do not know what to do when something goes wrong, and landlords usually divert to minimising risk, rather than legal obligation in this circumstance.
So where do landlords turn to educate themselves? There are several accredited bodies that landlords can join, plus a few Distance Learning Courses but all of these do come at a cost. Emma Foreman, a local Lettings Specialist in Devon spotted a gap in the industry that needed filling and launched a series of free Landlord Webinars.
A lack of knowledge has been one of the key factors in Emma’s decision to start offering this education tool. “Over the past few years we have seen an increasing number of self-managing landlords coming to us with properties an tenancies that are not up to standard, and their reason for non-compliance was always that ‘they were not aware of that law’ and the same applies to our Fully Managed landlords, when we have been approaching them about complying with new or current legislation, they are simply not aware of what needs to be done and as an industry this needs to change.”
The series of Landlord webinars includes many professional guest speakers ranging from solicitors, mortgage advisors, accountants, and other industry professionals, as well as Emma herself, who has over 12 years’ experience in the Lettings industry. Previous webinars include legislation round ups, damp, and mould in your rental property, reducing your tax and capital gains tax liabilities and many more.
All webinars are recorded and can be watched at your leisure via www.completeproperty.co.uk/landlord-webinars where there is already a bank of 14 topics to chose from.
The next webinar, airing live at 5pm on Tuesday 16th May is an ‘Ask the Expert’ session with Solicitor Neale Crump, who will be answering landlord’s legal questions, in relation to the private rented sector, in this hour-long session.
Perhaps you have a problem tenancy, and you are not sure how best to move forward? Tenants in arrears but need advice on the best form of notice to serve? Tenants have failed to vacate, and you are not sure of your next move? Then this is the webinar for you and must not be missed. You can secure your free place here: https://www.completeproperty.co.uk/landlord-webinars/
* Emma Foreman is lettings manager at the Complete agency in Plymouth *
