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As a firm we have seen significant growth in our Lettings Department now letting and managing a portfolio of properties exceeding 3,000 throughout the region. This has grown by over 10% in the last 12 months. 2015 and into 2016 has seen significant changes to regulation and compliance affecting landlords and the letting of residential property within the private rented sector, mainly following the Deregulation Act in 2015.
These changes include the following:
•The Smoke and Carbon Monoxide Regulations
•Right to Rent and Immigration checks
•Legionnaires Risk Assessments
•Serving of section 21 Notices
•Budget Reform affecting tax reliefs and SDLT on Buy To Let investments.
We find that many landlords are often completely unaware of the changes, when they let privately. Non-compliance may result in significant fines or the inability to regain possession of the property during, or at the end, of a tenancy.
The existing and continuing changes that affect landlords confirms the importance of ensuring that best advice is sought prior to and during a letting, from an agent who is suitably experienced and ARLA or RICS bonded.
If you require further information or clarification on any of the above then please contact your nearest Stags Letting office or Andrew Luxton MRICS FARLA on 01404 42553.