Landlords struggle to keep up with changing legislation

New and experienced landlords are crying out for advice and guidance in the wake of ever changing legislation and the increasing number of responsibilities being placed upon them, according to a recent survey.

BDRC Continental’s latest Landlords Panel survey reveals 78% of landlords have a “significant requirement for advice on landlord matters” and this figure rises to 89% amongst landlords with 11 or more rental properties.  It is not surprising, given the fast pace of legislative change and frequent case law developments, that 46% of landlords are finding it difficult to keep abreast of legal requirements and the increasing level of responsibility being placed upon them.

Keeping up to date with changes

46% of those surveyed said they found it difficult to keep up to date with the regular legislative changes and case law developments setting new precedents. In addition to these, landlords also expressed concern at changes surrounding council tax, capital gains tax and Universal Credit.

John Heron, Director of Mortgages at Paragon, the company that commissioned the survey, said: “It’s interesting to note that although many of the landlords surveyed were greatly experienced, having owned buy-to-let properties for a considerable time, there is still a need across the board for information, help and advice.”

Changes imposed on landlords in recent months, as well as those on the horizon, make it difficult for even the most experienced of landlords to be certain they are meeting their legal responsibilities and are fully protecting their interests.

Advice from a specialist

I would recommend any landlord, regardless of the size of their portfolio, ensure they familiarise themselves with all the changes currently impacting on the rental market. If they are unclear on any point they should look to contact their local landlord & tenant solicitor for expert advice and guidance.

The results of the survey were preceded by the release of figures from the Property Ombudsmen which showed the number of complaints made against landlords, letting agents and tenants increased by 9% in 2012, compared with the previous year. The most common cause for complaint was poor service followed by objections to fees.