The best service for our landlords and or tenants
IS your landlord using an adapted tenancy agreement? Of landlords who don’t use a letting agent, 58% use adapted tenancy agreements from old agent contracts, according to a recent survey from insurer Direct Line for Business.
The survey suggests that landlords who have not instructed letting agents to act for them are often making a significant numbers of errors, such as inadvertently giving tenants contracts that are not legally compliant, with one in five updating a template they found online.
“Not only is this a concern for tenants but for the lettings industry as a whole”, comments Dale Craft, Lettings Manager at Romans West Drayton.
“The lettings industry has changed dramatically over the past 18 months and it’s imperative that landlords stay up to date with all the legislation changes in order to protect their tenants and their investments. These changes must be reflected in the tenancy agreements and approved by a legal professional.
“I always advise tenants to rent properties via an agent licensed by the Association of Residential Letting Agents (ARLA). This gives them peace of mind that their deposit is protected and that their agent is up to date with the latest legislation changes, even if their landlord isn’t.”
In a recent online poll, Romans found that 71% of people are not up to date with the very latest landlord legislation changes, which highlights the importance to using a licensed agent. Further polls revealed that 91% of tenants wouldn’t consider using an unregulated lettings agent, which is a promising sign, yet only 68% are aware of the risks of letting through an unregulated agent.
The survey from Direct Line also revealed that 9% of landlords have not informed their tenants that their deposit is held in a government-backed tenancy deposit protection scheme, despite this being a legal requirement.
“Choosing an unlicensed letting agent can lead to all manner of problems for both tenants and landlords because there is no strict code of practice they must follow” adds Dale.
“As a licensed and regulated member of ARLA, not only do we ensure your money is 100% protected but our licensing means we maintain an extensive understanding of the latest lettings legislation so that we can protect our landlords and their tenants.
“If you are an investor looking to grow your property portfolio I highly recommend that you register with our sales team as they can help you source the perfect property and the ideal tenants.”
To find out more about renting or letting with Romans, a licensed and regulated member of ARLA, visit the team at Romans West Drayton, incorporating Campsie, or call them directly on 01895 456 500.