We recently conducted our own research into the UK lettings market, and it revealed that more than a quarter of all landlords become so ‘by accident’ – that is, they didn’t make a deliberate move into Buy to Let.
So, if you are currently renting out a property because you inherited it, had a change in family circumstance, had to relocate for work or it simply wasn’t the right time to sell a previous home, you are part of a significant group of people who have become landlords unexpectedly.
While letting can be an ideal solution – perhaps enabling you to hold on to a property you’re not ready to sell and/or bringing in some extra monthly income – there are significant challenges.
The rental market is governed by a huge amount of legislation and getting any of it wrong can have serious consequences, both financial and personal.
Managing a tenancy and looking after both your tenant and your property can also be time-consuming and is certainly not always straightforward.
That’s why so many ‘accidental landlords’ use the services of a qualified agent. Putting your property in the hands of specialists gives you peace of mind that one of your most valuable assets is always legally let and managed, by experts who have the right knowledge, skills and legal support.
However, even if you do choose to have a letting and managing agent, it’s a good idea to understand at least the basics of what it takes to be a landlord in today’s world.
And if you’re planning to look after your property yourself, it’s absolutely essential you take the time to understand the laws, particularly around property standards, health and safety, tenancies and your responsibilities and obligations as landlord.
To help you get started, we’ve put together two quizzes. The first tests your knowledge of lettings legals and the second shows how much it’s likely to cost you to be a landlord, in terms of administering your rental. Why not test yourself right now?
Are you ready to become a landlord?
How much does being a landlord cost?
With lettings laws regularly being reviewed, and particularly now, when we have both the Renters (Reform) Bill and the Leasehold and Freehold Reform Bill making their way through Parliament, it’s vital that landlords have a way of staying up to date with the latest changes.
If you’d like to discuss any of the legal amendments currently being proposed, or you want to find out more about the different services we offer landlords, simply search for the contact details for your local lettings expert.
The Reeds Rains Content Marketing Team
