It has been reported that one property industry expert, Adrian Moloney of One Savings Bank, has suggested that the age of the “dinner party” landlord is fast receding.
Given the recent changes in the Private Rented Sector (PRS), from right-to-rent checks, Legionella risk assessments, smoke and carbon monoxide regulations, much stricter criteria on the use of the section 21 possession process, more and more licensing schemes affecting private landlords and swinging tax obligations, and it’s not surprising this is being suggested.
Landlord and letting agents need to be much more professional in their approach to managing their tenancies than has been the case hitherto where a fairly casual approach, was all that was needed to run a successful lettings operation, whether this was a single property or a portfolio of buy-to-lets.
Many amateur landlords and some letting agents are still quite ignorant of the changes, many of which were brought in in the last 12 months. Judging by the time it took to bring landlords up-to-speed with the tenancy deposit legislation introduced in 2007, which is still tripping up many landlords, it will take some time yet for the recent changes to be mastered.
Information regarding regulations affecting section 21 and Assured Shorthold Tenancies introduced in 2015 can be accessed here
Information about the tax changes affecting buy-to-let investors can be found here
Landlords' and the “age of professionalism” https://t.co/8G5vCDlLzp
— LandlordZONE (@LandlordZONE) September 21, 2016