If you own a property and are thinking of renting it out then you should be aware of the many legal requirements that as a landlord you are required to make.
One of the most important and one that is often overlooked or even forgotten about is the Tenancy Deposit. Landlords in England and Wales should make themselves aware that in April 2012 changes to the Tenancy Deposit rules come into force.
The fundamental change is that landlords will now have 30 days (not 14 as previous) in which to protect the tenants deposit and give the required information to the tenant.
This time limit is very strict and landlords should be aware of the potential financial penalties that they could face if they do not carry out the required action within the 30 day time frame.
The best way to make sure that this new ruling is adhered to is to use the services of a qualified and experienced lettings agent who knows the new and existing ruling and works within the time frame barrier.
Tenancy Deposit schemes are there to protect both Tenant and Landlord and are offered by various companies. It is best to seek advice in this area if you are new to renting out a property.
At The Accommodation Shop we clearly abide by this rule and ensure that the relevant deposit is protected in the correct scheme and that all necessary paperwork is issued without delay.
If you have a property to rent then come and talk to us first and find out the essential information that will keep you out of trouble and give you a hassle free income from your property investment.