There are many reasons why individuals let out their properties. Many buy properties as an investment, with the explicit intention of renting them out. Others do so as a means of covering their mortgage while they are unable to reside in the abode themselves.
With mortgage lending down and rental yields having seen massive increases in the past few years, particularly in London, another reason for people to let out their home is because they cannot sell them or are unable to achieve the asking price they desire, yet they have to move elsewhere.
Whatever the cause of their decision to rent out their residences, there are certain things consumers must be aware of. One of the most important legal issues potential landlords ought to take into account is the Tenancy Deposit Scheme (TDS).
This legislation came into effect in April 2007 and now all deposits taken for assured shorthold tenancies must be protected.
Any landlord or agent that takes a deposit must safeguard it in an approved tenancy deposit scheme, and the tenant must be told which one. These schemes must have procedures for resolving disputes without going to court and there are stringent time limits for the return of the deposit if there is no disagreement.
By knowing about such regulations, landlords can help ensure they stay on the right side of the law. While local estate agents should be able to provide landlords with all the information they need regarding their obligations, it is important that people also familiarise themselves with their responsibilities independently. Of course, it is also vital to find the best estate agents around and by heading to websites like MeetMyAgent.co.uk, this process can be made much easier.
