Ways Landlords Can Keep Up With Regulations in the Private Rental Sector

Many landlords like to run their property portfolio like a business. It's a valid approach, as they're providing and charging for a service.

Like businesses, landlords are also subject to regulations. Some of them can lose sight of that fact instead of subscribing to mantras like 'my land, my rules'. That's where things become more dicey, as landlords stop playing by the rulebook and instead write their own.

Of course, not every landlord is devious. Some merely struggle to keep up. Still, the law doesn't always care for these distinctions, so ignorance is no valid excuse.

If you're a landlord new to the private rental sector, you might feel overwhelmed with keeping up with regulations. The tips below should help you get back on track.

Understanding the Basics

Having a firm grasp of the foundational laws governing the private rental sector is crucial. These often encompass health and safety measures, such as gas and electrical safety inspections, and obligations around energy performance certificates and tenant deposits.

The landlord must ensure that their property complies with all these regulations at the onset of and throughout any tenancy agreement. It's not just a legal obligation but an ethical requirement too. The main aim is that you give your tenants somewhere safe to live.

Legislation such as the Deregulation Act 2015 and the Housing Act 1988 significantly impact private landlords, dictating everything from the correct procedures for eviction to the handling of property repairs. Understanding such laws can prevent landlords from inadvertently breaching regulations, thereby avoiding potential legal action.

Asking for Help

A plethora of resources are available to landlords aiming to stay informed about the ever-evolving regulations. Regulatory bodies like the Residential Landlords Association (RLA) and the National Landlords Association (NLA) in the UK offer comprehensive guides on the current laws and provide regular updates regarding any changes.

The use of a property management company or a lettings agent can also be beneficial. Typically, they have dedicated teams to monitor regulatory changes, and can keep you posted if you ask.

Often, if you want a quote for an electrical safety certificate for landlords, the providers will have online literature you can read through that will broaden your understanding of its necessity. For instance, Hexo explains that failure to meet the safety checks can result in fines of up to £30,000, violate your insurance coverage, and a banning order. Discussing matters with them could help too.

Staying Ahead of the Curve

A proactive approach can make a considerable difference in ensuring regulatory compliance. Instead of reacting to regulatory changes as they occur, landlords should endeavour to anticipate them.

By attending workshops and seminars organised by regulatory bodies or professional associations, landlords can gain insights into potential regulatory shifts on the horizon. Sometimes, councils can even host free training events for landlords too.

Additionally, actively engaging with a network of professionals within the industry can allow landlords to remain ahead of the curve. They can debate and discuss proposed changes and their potential implications before they are enacted.

Conclusion

Landlords can confidently ensure they remain compliant by understanding the basics, utilising available resources effectively, and adopting a proactive mindset. As the private rental sector continues to evolve, so should landlords' approaches to staying informed and up-to-date with regulatory changes, ultimately fostering a more secure and sustainable environment for themselves and their tenants.