Only one in six landlords (16%) are fully prepared for the Renters’ Rights Bill, with the majority at risk of falling foul of impending reforms.
A survey of 1,001 landlords in England - commissioned by estate and lettings agent Cavendish – reveals that the rest have either not heard of the Bill (7%), are aware of it but don’t know what it means for them (29%), have heard of it but know very little about it (16%) or have a general understanding but still have questions (32%).
Cavendish says there are various elements in the legislation that could catch landlords out, including a clampdown on unreasonably declining a tenant’s right to keep a pet in their rental property. Under the Bill, landlords will face higher fines with civil penalties for non-compliance, starting at £7,000 and rising to a maximum civil penalty of up to £40,000.
MD David Adams, who recently published a book for landlords, says there’s a huge amount at stake. “The changes being introduced are some of the biggest impacting landlords for decades and the potential cost of falling foul of the new legislation in terms of reputation and financial penalties is enormous,” he adds.
“It is clear from our survey that the vast majority of landlords across England do not feel fully prepared for what is set to become law in a matter of weeks. Being fully prepared is the only way forward if landlords are serious about protecting and growing their rental portfolios.”
The Bill is due to return to the House of Commons and House of Lords next week (8th September) for final amendments and approval, before receiving Royal Assent before the political party conference season begins.
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