April 2007 – Issue 18
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Landlords and agents are free to decide whether to take deposits or not, but if they do they must protect them under one of the new schemes.
These schemes were brought in after lobbying pressure from government backbenchers and others (Shelter & CAB) despite a government trial & report concluding that legislative intervention was not needed.
The schemes are likely to be controversial and it will be some time before we know their full implications: the practical difficulties involved in working the schemes, the effectiveness of the ADR systems and their full impact on the residential letting market.
However, one thing is certain: landlords/agents will need to be more professional in the way they manage their lettings. They will need to have very good information—furniture and equipment purchase records, estimates and invoices for all work done, client accounts for deposits where the insurance schemes are used, and very good inventories.
The new layer of bureaucracy will bring a boon for the Independent Inventory Clerk, another windfall for the lawyers, and quite a bit more work for agents, and the landlord. It’s an ill wind…
Tom Entwistle, Editor
This issue is wholly sponsored by Cover4LetProperty – one of the leading providers of insurance for the rental property market.
Landlord’s Insurance from Coverlet
Landlord’s Insurance from Cover4LetProperty
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Henry Stewart Conference Studies is delighted to announce its annual ‘Residential Property Investment’ conference.
Leading experts in the field will discuss current and future market drivers and the implications of recently implemented and forthcoming government legislation, answering the question of how to secure acceptable revenue today and substantial gain in the future.
This annual briefing will assist investors, funders, agents and advisors to assess what property to back and how best to fund those investments.
To provisionally reserve your place or for further enquiries please contact Jeeva Gunaratnam by on 0207 092 3499 or email at JeevaG@henrystewart.co.uk
Date: Monday, 14th May 2007
Mayfair Conference Centre, London W2
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