If you are a buy-to-let landlord managing all aspects of your tenancy agreement of your own accord, you must make sure that you are operating within the law.
Compiling tenancy agreements and other legal documents independently could see you unintentionally facing criminal charges.
A recent study from the Association of Independent Inventory Clerks recently found that:
- 58% of landlords operating without the assistance of a letting agent use adapted tenancy agreements that they found online.
- 13% of DIY landlords experienced disputes specifically centering around rental contracts in the last two year
- 10% of landlords has no formal tenancy agreement in place
Considering the vast amount of new legislation being introduced into the private rental sector, you cannot afford to cut corners or take chances on adhering to regulations.
During the past year, there have been changes to Section 21 evictions process, energy efficiency regulation alterations, obligations for the installation of smoke alarms and carbon monoxide alarms in rental accommodation.
With further energy efficiency obligations coming into effect next year, it is likely that more legislation will follow suit.
Should you wish to continue to continue your duties without the aid of a letting agent, you must make sure you are comfortable and understand all existing and upcoming legislation changes.
Of course, it is also vitally important that you take out the correct landlord insurance policy to cover yourself. Other features to consider as imperative are a full check-in and check-out procedure at the beginning and end of all tenancy agreements.
For this process, it is paramount that you produce a full inventory, which has detailed pictures of all rooms in your property. This will be a huge importance should a dispute arise at the end of the agreement.
Remember that as a DIY landlord, you are not alone! Check back regularly to Just Landlords for the latest updates that will aid you in your duties.