Inexperienced landlords urged to seek advice

News Category: Legal

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Landlords who have recently entered the residential letting market should consider legal advice from a respectable source, the National Landlords Association (NLA) has said.

Steven Hilton, media relations manager at the organisation which represents private residential landlords, said inexperienced landlords who adopt a short-term approach to letting could cause problems for the sector.

"There are a number of rules and regulations to which landlords need to adhere to or they face stiff penalties," he said.

Landlords who have recently entered the private-rented sector after being unable to sell their homes might consider rental software to ensure they are legally compliant.

The latest Royal Institution of Chartered Surveyors' latest residential letting market survey reported that during the third quarter, growth in supply exceeded growth in tenant demand, causing rental prices to fall for the first time since April 2003.

Mr Hilton noted that while homeowners who have been unable to sell-up in the current economic downturn have been forced into renting, many would-be buyers who have not been able to secure mortgage finance have also turned to rental accommodation, increasing levels of demand for the benefit of landlords and letting agents across the UK.

How to stay legally compliant with letting agent software.