Here, we share an overview of the Top 10 issues affecting residential Landlords – Part 1
1. Tenants can report your property if it is below standard
Landlords have a legal duty under Section 11 of the Landlord and Tenant Act 1985 to ensure that the property is maintained in a habitable condition (unless any failure in this is caused by the tenant). Landlords could fall foul of the Housing Health and Safety Rating System (HHSRS) which assesses 29 categories of housing hazards 1 and 2. Enforcement lies with Local Authorities' environmental departments.
2. Tenants must keep a rented property in a ‘tenant-like manner’
Landlords are not expected to repair or maintain items that a tenant has broken through negligence or misuse. Tenants are expected to look after their rented property and carry out small jobs around the property.
3. Deposits must be placed in a Tenancy Deposit Scheme
Failure to lodge any deposit in a government registered Tenancy Deposit Scheme (TDS) within 30 working days of a tenancy commencing or the deposit being received is a criminal offence, with fines up to three times the amount of the deposit. Additionally, not lodging deposits through a recognised scheme also invalidates any Section 21 Notice (eviction notice) which the landlord may wish to serve.
4. Beware accidental tax evasion
If you receive an income from a property, you must declare this on an annual tax return, even if you would not otherwise be required to complete a tax return.
5. Right to Rent
Landlords must check that any occupiers have the Right to Rent, by them providing acceptable documentation to prove that they have the right to reside in this country. Failure to comply could mean a penalty of up to £3,000 per adult occupier.
The final top 5 issues affecting residential Landlords will be in Part 2 next week.
For free expert advice on regulations that might affect you, call Callaways on 01273-735237.
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