Investing in the property market is an exciting and profitable pathway, but there are certain Landlord Property Management regulations that you should be aware of. Whether you are expanding your existing property portfolio or investing in your first time rental property – stay up to date with the latest law and regulations to ensure you make the best yield.
Landlord property management regulations and legislation need to be taken seriously. Not just to protect you as a vendor or landlord, but also your tenants.
Lettings legislation and safety regulations for landlords in the world of property management can get complex. Leicester Letting Agents, Affitto, consider themselves the experts. We’ve compiled five important safety regulations and legal requirements that all landlords and vendors should understand before letting out or selling a property.
1. Landlord Tenancy Deposit Protection and Schemes
If you have rented in the past, it is likely that you have had personal experiences with a deposit scheme at some point in your life, whether it was during your student days or renting your first home with a partner. But, what does it mean for a landlord?
As a landlord, you must register your tenant’s deposit in a government-backed Deposit Protection Scheme (DPS) if the house you are letting is on an assured shorthold tenancy agreement that started after 6th April 2007 in England and Wales (as part of The Housing Act 2004). This protects your tenant’s money and can help resolve any disputes at the end of the tenancy, so it really does have benefits for both you as a landlord and your tenants. As we all know, maintaining healthy and honest relationships in any situation is very important.
For more information on Tenancy Deposit Protection Schemes, visit the gov.uk website.
If you’re a landlord in Leicester and have already collected a deposit but not registered it in time, read this article!
2. Landlord Gas Safety Record (GSR)
As a landlord in the property management market, there is a legal duty to have annual safety checks carried out on the gas appliances and pipework to ensure everything is in safe working order. These checks must be carried out by a qualified Gas Safety Register engineer and must be done every twelve months.
So, what does a Gas Safety Record look like? At a minimum, it must contain:
- A description, location and date of each appliance checked
- A name, registration number and signature of the engineer
- The address of your property
- Your name and address
- Any safety defect identified and any action required or taken to rectify it
- Confirmation that any defect stated has been solved and recorded
Download an example of what a Gas Safety Record looks like.
3. Houses in Multiple Occupation (HMO)
Within property management, there are separate rules for lettings that contain occupants that are not in a family unit. Landlords, therefore, must adhere to certain rules and regulations that are found around Houses in Multiple Occupation (HMO).
These rentals are either defined as a standard HMO or a large HMO. The former being at least three tenants live in a property forming more than one household and share communal facilities, whereas the latter being at least five tenants live at a property of a minimum of three storeys.
If you let either one of these out, there are a few additional legal responsibilities that must be adhered to:
- Smoke detectors are installed
- Electrics are checked every five years
- The property is not overcrowded
- There are adequate cooking and washing facilities
- Communal areas are clean and in good condition
- Waste is disposed of safely, with skips, waste removal services or other services.
If you’re ready to start letting in Leicester or selling in Leicester, Harry Albert Lettings & Estates have made it super easy to request your free instant valuation. Our consultants will then visit your property to provide the most up to date, free and accurate valuation and advise you on how we will market your property to achieve your goals.
Need more information? Please don’t hesitate on contacting us today and we will be in touch to discuss your enquiry.