Landlords & Legislation26th April 2012
If you are considering becoming a landlord for the first time, recent and new legislation now means that there is far more than ever to be concerned about when letting your property.
In the first instance any gas appliances need to be checked annually and supported by a Gas Safe Registered Gas Safety certificate. There is also the requirement for interim inspections should a Tenant leave within the first year. Since January 2012 there are also new laws regarding electrics, the new requirement is an Electrical Installation Condition Report, this is a duty of care that every landlord should implement when letting a property.
A further consideration is the correct placing of a Tenant’s deposit, since April 2007 it has been a lawful requirement to secure a Tenants deposit in a deposit protection scheme. All Landlords need to consider this carefully as there are the following schemes, “My Deposits”, “Tenancy Deposit Scheme” and the “Deposit Protection Service”. Failure by Landlords or Agents to register a deposit can now lead to a fine equivalent to three times the deposit amount. An in-depth inventory and schedule of condition of the property is highly recommended as this has a direct impact on the return of deposits. Following on from this the correct wording within a Tenancy Agreement needs careful consideration.
An Energy Performance Certificate (EPC) has been a requirement since 1st October 2008, however new regulations have come into effect in April of this year making it a requirement for an EPC to be commissioned before the property is marketed.
At this point potential Landlords will probably be thinking that this is all a minefield; however with the assistance of an experienced and accredited Letting Agent the process can feel less daunting.
There are still a high number of people looking to rent within Torbay and the demand for quality rental properties is vast. At Mashford Estates we are exclusively dedicated to the Letting and Management of rental properties
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