Published: 23/02/2023 By Rob GibbensAre you managing your Buy-To-Let yourself?
Perhaps you have an Agent you never hear from, that manages the property for you.
When was the last time you took some time to see what new legislation has come into force and what is in the pipeline? Is your portfolio compliant and can you prove it?
Most recently, in October 2022, it became a legal requirement for all privately rented homes with a fixed combustion appliance (i.e. an appliance that burns any type of fuel to generate heat, e.g. boiler, gas fire, wood burner, etc.) in a room considered to be wholly or partly living accommodation, to have a carbon monoxide alarm located in the same room.
Key Estate Agents have taken over the management of many properties in the last 12 months’ where Landlord’s haven’t been aware of all of their obligations, legislative or otherwise, and could have been facing fines of up to £30,000 per offence.
Additionally, keeping up to date with checks and testing the property to prevent legislative risks can easily be forgotten about.
Is there at least one smoke alarm on each floor of the property, and did you test them on the first day of the tenancy and can you evidence it?
The same goes for things such as a legionnaires risk assessment, was any action required as a result?
A lot of landlords have absolutely no idea what is going on inside their rental property, whether it be that they haven’t thought of looking or they’ve just been kept out of the loop.
It may feel like, as long as the tenant is paying the rent and there aren’t any problems, they’re all sorted. It is easy to fall into the trap of forgetting about your buy-to let portfolio and just assuming everything will be okay, when in reality, it might not be.
If any of the above is giving you cause for concern, you should speak to one of our Lettings Specialists, here at KEY. We would be happy to complete a LANDLORD COMPLIANCE CHECKLIST with you and discuss what we can do as an Agency to help you. Call KEY on 024 7632 2022 or email email@example.com to arrange an appointment or telephone conversation at a time to suit you.