Twitter Facebook RSS FEEDS

Accidental landlords urged to get help

Wednesday, 19 November 2008 6:27 PM

UK rents are dropping as unsold properties are rented out and owners become accidental landlords.

The Royal Institution of Chartered Surveyors (Rics) yesterday reported historical highs on the number of flats and houses coming onto the rental market as the mortgage drought and falling house prices deter buyers.

The credit crunch is now creating a new generation of accidental landlords.

"Many landlords have entered the lettings market in the last year without perhaps planning to do so and have taken this step out of necessity rather than desire," said Ian Potter at the Association of Retail Letting Agents (ARLA).

"I would urge these amateur landlords to exercise caution and to research as much as possible as it is a position of no little responsibility.

"It is imperative that they seek out a regulated agent who is in a position to give them strong and independent advice, and who can protect funds that are being held on their behalf under client money protection schemes."

The National Landlords Association (NLA), meanwhile, warns these new landlords pose a major risk to the overall health of the British rental market.

Simon Gordon, NLA head of communications, said: "Becoming a landlord in this market is not for the faint-hearted.

"New landlords, especially those who hadn't planned on starting a lettings business, must make themselves aware of the rules and regulations so they can operate their tenancies successfully."

He added: "There is a major risk that inexperienced landlords, although well-meaning, are not fully up-to-speed with their responsibilities and problems can arise.

"The ultimate responsibility for operating the tenancy lies with the landlord and, although a good letting agent is worth their weight in gold, 'reluctant landlords' are obliged to be on top of their game.

He added: "If landlords are not properly prepared, the potential long-term wait for prices to come back up may prove to be a Pandora's Box for the private-rented sector."

NLA checklist for letting out a property

  • Do I have permission from my bank or building society to let out my property?
  • Does my current insurance cover letting out the property?
  • Do I need permission from my freeholder?
  • Do I use a reputable letting agent or try and manage the tenancy myself?
  • Do I need a written tenancy agreement?
  • Does my property comply with any gas and fire safety requirements?
  • How do I provide an energy performance certificate?
  • How do I protect my tenant's deposit?

Related stories

The deputy prime minister has had a rather turbulent few years. Image:Allstar

Poorest homes get extra help with energy efficiency

Clegg reveals details of schemes to boost insulation and cut heating bills.

Barratt homes

Loan to help parents get kids on property ladder

Homeowners are being offered up to £50,000 to help buy their children's first home - but is it enough to save Britain's struggling housing market?
The buy to let market remains in good shape, particularly in London. Image:Thinkstock

Government urged to get behind build to let

Investors like pension funds could finance new homes for rental with political support, says BPF.

 Average asking rents fell 1.5 per cent across the UK in November.

Renters urged to act fast to get best rates

Seasonal dip in asking rents creates window of opportunity for renters, says Findaproperty.com.
The government estimates that people in online households are 25 per cent more likely to find work.

Shapps pledges help to get social tenants online

Digital summit looks at ways to help the half of social housing tenants have no access to the internet.

 The bank of mum and dad is coming under increasing strain as young people struggle to get on the housing ladder.

Parents get further incentive to help kids buy

Give and gain scheme from Lovell offers five per cent "interest" on cash put up as house deposit.
'Accidental' landlords offered rental advice

'Accidental' landlords offered rental advice

'Accidental' landlords offered rental advice

 Use extra cash from increased council tax on empty homes to help bring them back into use, says Shetler Scotland. Image: Thinkstock

Scottish government urged to invest in empties

Use extra cash from increased council tax on empty homes to help bring them back into use, says Shetler Scotland.

Service men and women to get package of help to buy homes or apply for social housing. Image: Thinkstock

Government pledges housing help for heroes

Service men and women to get package of help to buy homes or apply for social housing.

 ARLA says landlords need help to improve homes they could be banned from renting from 2018. Image: Thinkstock

Private landlords failing on energy efficiency

ARLA says landlords need help to improve homes they could be banned from renting from 2018.

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.