Can I Manage My Own Property?

Can I Manage My Own Property?

Want to manage on your own?

Can I Manage My Own Property?

So, You Want to Manage Your Own Property?


What Was it Like?

10 years ago, it was fairly straight-forward for a landlord to manage their own property.  With a little bit of care and some commercial awareness, it all seemed very possible.

How is it Today?

Move forward to the present day and most landlords are totally unaware that the situation has changed beyond all recognition.  For example, over the past 3 years alone there have been more than160 individual pieces of legislation; all of which can prove very costly if landlords get it wrong.

Some of the most obvious examples include:

  • If a Gas Safety Certificate isn’t copied to a tenant when they move in, you can’t serve a S21 notice and you won’t be able to sell your property. 

  • If you haven’t registered your deposit with an approved protection scheme, you will automatically be fined 3 times the deposit value. 

  • If you rent out a property with an EPC rating of F or G, you will be slapped with a fine of £5000. 

  • From 1 June 2019, you are likely to receive a fixed penalty fine of £5000 (second offence £30,000) if you :

Insist that a tenant pays for any damages they cause - for example blocked drains etc. 

Hold more than 5 weeks in deposit. 

Make a compulsory charge to a tenant for anything other than rent and utilities. 

Enforcement

Ignorance of the law is no defence. Enforcement is starting to catch up with legislation. Potential penalties for failing to carry out Right to Rent checks are £3,000 per adult occupier while failure to carry out checks on gas appliances can carry both a fine and a prison sentence.  The list of potential problems seems endless: 

  • Fixed penalty notices of £30,000 for a range of housing offences. 

  • Rent repayment orders allows the Isle of Wight Council and tenants to reclaim rent from landlords. 

  • The Isle of Wight Council has access to tenancy deposit schemes to identify rented housing and to target enforcement. 

  • The Council will soon be able to ban landlords from letting property for a range of offences. 

Can I Manage?

The simple answer is “not any more”.  The Maher Ross team spends a great deal of time advising landlords how to meet the new legislation and how to comply fully so they can avoid legal action. 

We are often asked to take on properties when the situation has already gone very wrong and needs some swift corrective action to get back on track. By this time, the damage has sometimes already been done. 

USE MAHER ROSS

If you are worried about meeting all of the new requirements, instead of burying your head in the sand, come and talk to the friendly team at Maher Ross.  We can help you to stay one step ahead and still advise how to make your investment profitable.  Graham Jolliffe, Director of Maher Ross said:

“We see time and time again that using a cheaper, less expert agent, or deciding to manage your own property, can be very costly indeed.  If you come and talk to Maher Ross, you’ll quickly realise that being a responsible landlord doesn’t all have to be bad news!  

Maher Ross are qualified members of ARLA Propertymark which means we meet higher industry standards than the law demands. Our experts undertake regular training to ensure they are up to date with best practice and complex legislative changes so they can offer you the best advice. We are also backed by a Client Money Protection scheme which guarantees your money is protected.  Director, Chris Maher concluded:

We work extremely hard to protect our landlords. If you think it might be a little more expensive to use a professionally qualified ARLA agent like Maher Ross - just wait till you hire an amateur!”