A landlord in Leeds recently lost a £900 deposit claim for a ruined carpet. The carpet really was ruined. The problem was that the check-in report had no date, no photographs and no tenant signature, so the adjudicator had no way of knowing what the carpet looked like on day one. The deposit went back to the tenant in full.
The tenant hasn’t paid rent in six weeks. Their phone goes to voicemail, and a neighbour says nobody has come or gone for a month. You let yourself in for an inspection and the flat looks half-emptied: nothing in the fridge, a few bits of furniture, some boxes in the bedroom. It looks, for all the world, like they have gone.
Guarantors are another way landlords can protect themselves and increase their financial security. In many cases, they work perfectly fine. But they aren’t always the best or most suitable option.
Damp and mould problems in a rental property aren’t just a cosmetic issue. Government guidance treats these problems as a serious health risk, especially for children, older people, and vulnerable tenants.
Selective licensing(per its name) only applies to a selection of properties. It’s entirely different from mandatory HMO licensing additional licensing, but it isn’t optional if it applies to your rental property.
As private landlords will likely know by now, the Renter’s Rights Act increases your responsibilities and duties. Rules, practices, and statutory timeframes will soon mean that landlords have to work harder to stay compliant.
Letting agents used to be the crutch to support landlords in running an efficient rental property. But with UK landlords now facing higher taxes, many are turning to DIY solutions to boost their bottom line.
Many landlords look to expand their property portfolio, but with rules and regulations continuously growing (not to mention changing tax returns and tenant rights), managing multiple rental properties is getting trickier.
Submitting tax returns is part and parcel of being a landlord and, unfortunately, there’s no way of avoiding it. Even if you have an accountant, you’re still responsible for tracking expenses and submitting evidence.