Piggybank News

September 15, 2011

Are you a reluctant landlord?

Filed under: Property — nspresources @ 9:03 am
Tags: , , , , , ,

Falling house prices and a stagnant sales market have led to a large number of house owners entering the rental market as private landlords in desperation.  Unfortunately many of  these ‘accidental’ landlords have very little or no idea of the legislation involved in renting out a property.  Not only is this extremely bad news for tenants, whose lives can be put at risk,  the landlords themselves can also face hefty fines and even prison sentences.  This is one case where professing ignorance is not considered a reasonable defence and even if your property is managed for you by a letting agent it is ultimately the landlord who is deemed responsible.

Two examples of the legislation involved are:-

CP12 Gas Safety Certificates
Failing to have all Gas boilers and appliances in a rented property inspected on an annual basis could land you a fine of up to £20,000 or even a prison sentence.

Energy Performance Certificates (EPC)
Any homes that are rented out from 1 October 2008 must have an EPC inspection carried out or you risk a fine of up to £200.

(Piggy says  “It is vital you are aware of your obligations before you rent your property.   Renting out property is essentially a small business and it should be approached in the same manner. Would you consider starting a restaurant without any knowledge of the food hygiene laws?   NSP Resources offers a mentoring/consultancy service to private landlords and there are a number of landlords associations who can give you general advice on how to stay legal.)

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