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Ask The Expert, Jackie Monro, FARLA, FNAEA

Balfours Letting Agent

We Have Just Completed a Barn Conversion Which We Want to Let; Also a Long-term Tenant Has given Notice from a Farm Cottage.  Why Should I Pay an Agent When I Can Just Amend My Current Agreement for Both?

 

I am asked this question on a regular basis by Landlords. Possibly the agreement was valid, five years ago, but why hand over a valuable capital asset and accommodation income stream, with an out dated agreement?

This may feel like you’re saving on estate agents fees, but in reality you are potentially putting one of your most valuable assets at considerable risk.

Over the last 10 years the legislation covering the letting of property in the UK has changed on numerous occasions, with in excess of 178 pieces of legislation affecting tenancies.

The most significant being the implementation of the tenancy deposit scheme in 2007. This means that your tenancy agreement must clearly state how, and where, the tenant’s deposit will be held. This is called the Prescribed Information.

Failure to protect the deposit correctly, and not providing the Prescribed Information, can lead to fines of up to three times the monthly rent. Worse still, if the deposit hasn’t been protected correctly, you will not be able to serve notice should you wish to seek possession of your property in the future.

Further, recent changes relate to the legal requirement for: Right to Rent Checks; Gas and Electrical safety; Energy Performance Regulations incorporating Minimum Energy Efficiency Standards; Smoke and Carbon Monoxide alarms and serving of a Section 21 notice, when you are seeking to regain possession of your property

At Balfours we are happy to meet with landlords to discuss their options when looking to either move tenants between properties, or market their properties to find new tenants. We are fully regulated and are constantly updating and amending the information we provide, so that landlord interests are properly protected. Call for an informal chat, or to make an appointment for me to visit your property.

Contact: Jackie Monro, FARLA, FNAEA

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