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There has been a glut of property available in the
private rental sector, driving down rental prices
and increasing the competition for tenants, even legislation
is stacked against the landlord and frustration and
cutting corners can lead to costly mistakes being
made.
There
are a wealth of individuals and companies that exist
to help both landlords and tenants in this situation.
They offer various solutions from RENTAL
GUARANTEE INSURANCE policies, general advice and
hints and tips to legal guidance, TENANT
REFERENCING, debt recovery & tracing and even
eviction services. (See EVICTION
SERVICES for specialist companies).
If
a landlord draws up their own AST
who is to say what are legal clauses and what are
not. Whether or not the tenants can keep pets is up
to you, but you should set out your conditions in
your tenancy agreement so there must be some definition
and regulation, Professional advice can help avoid
embarrassment and reduce financial implications should
it become necessary to enforce a reasonable clause
or worse evict a tenant for breach of the tenancy
or failure to pay.
A Judge will throw out
a case if there are mistakes in the prepared paperwork;
this is a costly mistake as revenue is lost and legal
costs increase.
Be
confident with the Company or individual you choose
to deal with. Make sure they have the best interests
of you the landlord at heart and will advise on the
best ways to exercise your responsibilities.
If
you don’t like what you have been advised to
do, check out the others to see if their advice differs,
if it is the same you may not like it but at least
you know the advice is accurate.
LANDLORD
ASSOCIATIONS can also help you resolve issues
and stay within the law. They aim to improve standard
practice and keep members proactively informed on
the latest happenings within the property letting
industry. They may provide training courses on practical
LANDLORD Training, legislation guidance or to promote
good practice for Landlords and Letting Agents.
With some LANDLORD ASSOCIATIONS Membership
is often required and fees may be payable but many
offer some level of free advice or free downloads
of vital documents and are invaluable when it comes
to getting on with being a landlord.
MY PROPERTY POWER TEAM
recommend joining an ASSOCIATION,
be it a small local, regional or large NATIONAL organisation.
The
benefits outweigh any cost and most will give you
guidance on how to save money whilst becoming a better
landlord.
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