LANDLORDS can be forgiven for trying to save money, but cutting corners on tenancy agreements can be an expensive mistake.
Ever-changing legislation and regulations mean it is vital for landlords to take professional advice when letting a property.
Carl Davis, Partner at the independent letting agency, Nigel Davis Property Services, believes landlords who opt to ‘go it alone’ are putting themselves at risk.
“The laws and regulations can be a real minefield so it is vital landlords take professional advice which will give them real peace of mind,” said Carl, based at the Wellingborough
LANDLORDS can be forgiven for trying to save money, but cutting corners on tenancy agreements can be an expensive mistake.
Ever-changing legislation and regulations mean it is vital for landlords to take professional advice when letting a property.
Carl Davis, Partner at the independent letting agency, Nigel Davis Property Services, believes landlords who opt to ‘go it alone’ are putting themselves at risk.
“The laws and regulations can be a real minefield so it is vital landlords take professional advice which will give them real peace of mind,” said Carl, based at the Wellingborough agency which works closely with both landlords and tenants.
Recent high-profile court cases have highlighted the risks of landlords not having the correct agreements in place, particularly in the cases of ‘Superstrike vs Rodrigues’ and ‘Spencer vs Taylor’, which highlighted the importance of ensuring that landlords continue to refresh their knowledge of current regulations. It is also vital that every stage of the paperwork process is properly managed, as failure to comply with any one part can have far reaching implications. For example, if a landlord were to make a mistake when completing the tenancy deposit paperwork, then this could result in them having great difficulty in serving notice upon their tenant to leave when they decided that they needed their property back.
Carl said: “There are real opportunities in the buy-to-let market but any individual taking a decision to become a landlord should understand the value of having all the correct paperwork in place from the outset. Experienced landlords should also be aware that the ever changing rules and legislation mean that they should take regular advice to ensure they are still up-to-date and avoid taking unnecessary risks.
“The recent court cases have shown how landlords can face costly legal bills if they are unaware of current arrangements. We are experienced letting specialists who understand the market and can give up-to-date advice to landlords.
“There are a wide range of issues which need to be considered from protection of deposits to lengths of tenancy. Landlords who work with professionals will be able to feel confident that they have the right paperwork in place to cover any issues.”
While there may be demands on landlords there are still real benefits for those who take a professional approach.
A wide range of finance options are open to people wanting to invest in buy-to-let properties. These include fixed rate mortgages which will help protect investors if a decision is taken to increase interest rates.
“We are all aware how the property market can change but anyone currently considering their options should seek advice now rather than having regrets.”
For information about the full range of services provided by Nigel Davis Property Services call 01933 272292, email or visit the website at www.nigeldavislettings.co.uk