In the UK 19% of all property are rented out by private landlords, which equates to 4.3 million people living in private accommodation.1 However new rules and regulation have made it nearly impossible for the DIY Landlord. Over the past few years four hundred different rules and regulations have been introduced into the letting’s industry. Landlords must adhere to these because a breach could result in fine of up to £30,000.
Changes include checking tenants documents, rental deposit schemes, gas, fire and electrical safety – the list is endless, and this doesn’t even include the day to day management of a rental property such as carrying out repairs in a timely manner, dealing with rent arrears, complaints, finding new tenants and so fourth.
However if you do rent out property and use the services of an agent, it ARLAdoesn’t mean that you are void of responsibility for your property, as you could still get fined if you do not follow regulation. So it makes it even more important to make sure that if you do decide to engage in the services of a letting agent that they are properly registered. The best way to do this is to check to see if they are an ARLA, Association of Registered Letting Agents, registered agent, that way you will know that they will have to conform to strict rules and regulations.
If you are considering using a lettings agent and have a property in either Essex or Hertfordshire why not pop into your local Intercounty for a coffee and a chat or give our team a call on 01279 655243.
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