Figures reveal that one in 20 people in the UK lets out one or more properties to supplement their income. The rental market can be very lucrative, and the significant boost in 2014 combined with positive forecasts for this year indicate that it is the best time since the collapse of the economy to consider venturing into the rental market.
Research has highlighted, however, that many landlords are unaware of the rules and regulations. Approximately 500,000 landlords across the country have rented out properties without having them checked by an official gas safety engineer. Failure to adhere to safety regulations not only puts tenants at risk but it can also lead to fines of up to 20,000 and prosecution.
The rise in landlords renting properties has been a result of many people wishing to move to a bigger home or increase their annual income. Whatever the reason for renting out a property it is essential for landlords to comply fully with current regulations. All gas and electrical equipment must be professionally installed and inspected once a year by a registered and approved engineer and all tenant deposits must be held in a deposit protection scheme. Along with fines and the possibility of prosecution, landlords can also face further expense if a tenant chooses to make a claim against them.
Letting your property can be a fantastic way of covering your costs if you want to hold onto your home or if your aim is to secure long term financial benefits. Many landlords, however, have seen themselves out of pocket as a result of damage and insufficient maintenance of their properties.
We are the leading lettings agent in Wandsworth and other London boroughs, and can provide full management and expert help with your properties as well as helping you to locate the best quality tenants in the first place. By engaging professional support you afford yourself complete security. You can sit back and relax as we take over the reins and ensure that you fully meet your obligations. We make sure your property is habitable, safe and we carry out regular inspections to maintain condition.
Our full management service offers guaranteed monthly payments along with freedom and flexibility. You can concentrate on your own life and simultaneously make maximum returns on your investment. Call us to discover how we can help you.