high yielding property management

From 1st December 2014 the Right-to-Rent legislation is to come into effect.

The legislation requires that landlords check their tenants have the right to rent in the UK. The scheme will first be rolled out in Wolverhampton, Dudley, Sandwell, Walsall and Birmingham before alternations, if needed, are made and the legislation is introduced around the UK.

Desipite the importance of this legislation, a survey by easyroommate.co.uk found 80% of landlords had never heard of Right-to-Rent and 30% of that group weren’t planning on complying with the new rules. This is despite costly fines of £3,000 per tenant if checks aren’t made by the landlord before the property is rented.

The survey also found that of the 20% of landlords who were aware of the legislation, didn’t know when it came into effect. Right-to-Rent checks are only required for new tenants after 1st December or if an agreement is being renewed. Landlords do not have to check their current tenants.

The checks can be completed easily. Landlords must ask for a copy of a passport or full birth certificate and driving license, checking that the documents are genuine and that the pictures and dates are consistent with each other. It is advised that copies are retained throughout the tenancy and for 12 months once the rental agreement has finished.

If you want more information on the Right-to-Rent legislation visit the National Landlords Association’s website.

Landlords who rent through an agency can rely on them to carry out the appropriate legislation checks to ensure that their tenants have the right to rent in the UK. Agencies also carry out other tasks on the landlords behalf such as finding tenants, collecting monthly rent and general upkeep of the property.

Due to the introduction of new legislations landlords are finding that the task of renting out a property is becoming a full time job. If you are interested in working with property experts, Mistoria, we will be happy to help you. We have a range of services such as property investment and landlord and tenant management which takes the work away from the landlord leaving them to enjoy the financial benefits of renting a property.

For more information on our services contact us by calling 0800 500 3015 or email us at info@mistoriagroup.com.