Some points to consider before renting out a property.
Tenancy deposits: landlords who take tenancy deposits must comply with tenancy deposit protection requirements. Landlord must both:
• protect the deposit with a tenancy deposit protection scheme within 30 days of it being paid and
• provide the tenants with information about the scheme used.
Landlords who fail to comply with these requirements face penalties if they don’t protect tenancy deposits as required by tenancy deposit protection rules and will have to pay compensation to the tenant of between 1 and 3 times the amount of the deposit. Tenancy deposit breaches can also make a section 21 possession notice invalid which means that a landlord may be unable to serve a Section 21 possession notice without first refunding the deposit in full.
Right to rent checks: The Immigration Act 2014 introduced the concept of ‘right to rent’ to the private rented sector. Since 1 February 2016 landlords have been required to check the immigration status of prospective occupiers at the outset of the tenancy. The “right to rent means that the occupier has a right to rent a property in the UK and anyone without it is disqualified from renting.
Landlords who fail to comply with the requirements face fines and potential imprisonment.
Before renting out your property familiarise yourself with the legal requirements and take advice from a landlord and tenant specialist.
Contact Philip Walsh 0161 975 1905 or firstname.lastname@example.org