Latest News And Tips For Landlords In UK

Introduction

Being a landlord is not an easy task. Between renting and taking care of your properties, you have your hands full. Luckily for you, we have everything you need, right here. Read on to discover the latest news for landlords in the UK and some tips that will help you manage your rental property more efficiently.

Latest Happenings That Landlords In The UK Must Know

Proposed Rent Freeze in Scotland

Landlords in the UK do not have it easy in the current scenario. Unfortunately, the situation is far worse for Scottish landlords.  First Minister Nicola Sturgeon has confirmed that all rents will be frozen until at least the 31st of March 2023. The decision will be equally binding on both private and social landlords.

Sturgeon also declared a ban on evictions until at least March 31, 2023, regardless of reason or tenant behaviour. Unfortunately, the policy simply offers a reprieve. The cost of living crisis cannot be solved by fixing rents or preventing evictions. The likely long-term outcome will be an even more chaotic housing market.

The Callback of Section 21 Notices

The government's new Renters Reform Bill prominently features the elimination of "no-fault" Section 21 Notices as one of its major objectives. Under the Section, private landlords can demand restitution from Assured Shorthold Tenancy (AST) tenants without having to establish or demonstrate the tenant's culpability. The administration stated its intention to submit a Renters Reform Bill in the 2022–2023 parliamentary session.

There seems to be a nagging belief that landlords choose to evict respectable, well-paying renters for ulterior motives. On the contrary, "no-fault" evictions are rarely issued without any fault of the tenant, and new legislation will not apply in those situations where the renter is not at fault. Landlords tend to prefer using Section 21 notices instead of Section 8’s since it offers a simple method to regain control of a property. The "no-fault" eviction is the preferred option when Section 8 offers an expensive and long-drawn procedure. The actual eviction process itself will be the only thing that will change considerably.

Online Security for Private Rentals

Almost all landlords use internet tools in some capacity. The majority of administrative work can be categorised as being "online," whether you have a website, email your renters, or simply save all of the pertinent information on an internet-connected device. Although such a reliance on technology has generally been quite beneficial, there are some drawbacks. Cybercrime is arguably the more serious and problematic.

Cybercrime targeting the real estate sector has increased at a much faster pace than the rise in general cybercrime. There are more risks involved than only the possibility of money being taken or of losing tenants' faith if their data is lost. Under the Data Protection Act of 2018, you could be penalised. According to the law, every company that holds the private information of customers must take appropriate measures to reduce the possibility of that information being stolen. If a violation occurs and it is determined that you did not abide by the act's rules, you risk receiving a hefty fine.

Knowing exactly what you need to do in the event of a cyber breach enables you to respond swiftly and take the required precautions to minimise potential harm. Working with cybersecurity experts to develop an incident response strategy can be a wonderful idea to ensure that you leave nothing to chance.

Useful Tips For UK Landlords in 2022

It's always a good idea to pay attention to advice from people who have been in the rental game longer than you. Here are some of the most common recommendations that you should follow:

1.Familiarise yourself with all the rules

Stay on top of the rules and regulations. It really isn’t worth landing yourself in trouble just because you haven't dotted the ‘I’s or crossed the ‘T’s. It's crucial to keep your records current and to make sure all of your paperwork is accurate. Whether it's your AST contract, your references, your inventories, or your correspondence, keep track of everything.

2.Treat your tenant respectfully

Keep in mind that this contract involves both you and your tenants. Both sides must benefit from it, and when they don't, things might go awry. So always be respectful of your tenants. Communicate with them courteously and professionally, pay attention to their worries, and show them the same level of understanding that you would desire in a similar situation. Things go much more smoothly if you understand each other.

3.Do not hesitate to ask questions

Even though you might hesitate while asking what you think is a silly question, it is better to ask than to wait and possibly make an expensive mistake. Consult your friends, other landlords, or an agency. Don't guess if you don't know. If nothing else works, the internet will never disappoint.

4.Select your tenants carefully

Don’t be in a rush to rent out your property to the first interested party. Take your time and make sure to find the right fit before signing the dotted line. Get recommendations and if you have any doubts, walk away. Trust your gut.

5. Do not shy away from the numbers

This is very important for the long-term success of any property owner. You need to have a firm grasp of all the financial aspects of your rental. You must accurately determine your responsibilities and prospective revenue. We recommend that you do your research and seek assistance whenever needed.

Conclusion

We hope that these updates and tips have armed you to interact with your tenants in a more informed manner. Keep in mind that the key is clear communication. As long as you ensure transparency and clarity in all channels of communication, everything else will fall into place.