Information for the consideration of landlords


Information for the consideration of landlords.

Considerations For Landlords

Owning property can be one of the greatest investments. With ever increasing house prices, large capital profits can be made in relatively short periods. Many owners have over recent years put their “assets to work” so to speak by renting out to tenants with a view to the additional monthly mortgage payments being met by third parties, possibly with a little extra on top. More often than not it works.So where’s the catch?

It is well reported that sometimes it does not work. Landlords can be faced with unscrupulous Tenants who abuse their legal rights and cause significant losses to be suffered.
So what can be done?

When deciding to become a Landlord, you need to ensure that you are fully aware of the legal obligations owed to your Tenants but importantly your legal rights and remedies as Landlords. Adopting an active approach at the outset can help to avoid problems in the future.

Therefore, before embarking upon the role of Landlord, simple steps can and should be taken in an attempt to minimise problems that can be encountered. Examples are:

1. Obtaining and maintaining legal advice throughout.
Obtaining advice before becoming a Landlord and having properly drawn up tenancy agreements and notices can be a god send. Obtaining early advice on problems that arise can provide an effective and efficient resolution for example, utilising a debt recovery service for demands for non-payment of rent.
2. Ensure that their property is safe and habitable.Landlords often believe that spending as little as possible will provide better returns. However, this is not always the case. Providing a well renovated/maintained property often creates a greater pay off. Tenants have the right to live in a safe and habitable environment and any problems will come back on you. Ensuring that the property is fitted out to the best possible standards can provide a more cost effective option despite the additional administration, up front costs and time spent. However, those Landlords who do take simple steps such as having all services and appliances tested and making the time to carry out thorough routine inspections on a regular basis, have avoided potential problems and kept up good relations with their tenants. Ignoring problems can create additional ones which can result in expensive and time consuming legal action.

 For information on Conveyancing solicitors Swindon look at the website for these Swindon Solicitors.

Information for the consideration of landlords. / Author: David Harland