Tenancy deposit schemes 'are important for landlords'
Published by Sarah Ashcroft
Landlords in the UK have been reminded of the importance of meeting all the necessary regulations when it comes to renting out their properties, including complying with all the rules of the tenancy deposit scheme
Tom Entwistle, editor of LandlordZONE, has been speaking about the requirements placed on property owners and he suggested the tenancy deposit scheme
is one of the most crucial of all. He noted those who fail to do so will be met with a raft of problems in the future.
For instance, landlords who do not comply with the tenancy deposit scheme
are likely to find they may not be able to go through the eviction process if relations with a tenant turn sour and they want to remove them. They may also face a fine if they are found to have failed to meet their obligations.
When questioned what reasons there are for people to sign up to the scheme, Mr Entwistle said: "For good landlords, not a lot. It means they have more paperwork to do and they must have a detailed inventory if they are to stand a chance of claiming for damage. However, it does mean that rogue landlords can no longer get away with bad practices, ripping off tenants."
The expert went on to explain landlord insurance is another important issue and one that should never be brushed under the carpet. He advised having a policy in place with at least £5 million worth of third party liability cover.
It just goes to show there is plenty for landlords to consider before they pick up their rent each month and the occupation is not one that people should throw themselves into lightly.
Nonetheless, it is a good time to invest in property with the intention of renting it out to tenants, so anybody who has the means to do so should consider the option. They must then ensure they follow the rules in order to stay out of trouble and in line with the law.
- Landlord and Tenancy News from Lawpack: Give tenants the right information concerning their tenancy deposit protection with our Section 213 Notice.
Published on: April 18, 2013
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