A national lettings agency is warning the industry that landlords are significantly under-estimating the impact of the Renters Rights Bill, set to become law in September.
LSL Estate Agency Franchising has conducted a survey of landlords and claims there’s “a knowledge gap” between what buy to let investors know and what the reality is.
A statement from LSL says: “The Renters Rights Bill is set to bring the most significant changes to England’s private rental sector in decades, including the abolition of Section 21 ‘no fault’ evictions, introduction of periodic tenancies, a mandatory property portal registration, higher level of expectation in property standards, and new rights for tenants to challenge unfair rent increases.”
However, the agency’s survey of landlords who self-manage their properties, shows:
LSL says this presents an opportunity for lettings agents as a whole to educate landlords and help them prepare.
It says: “The majority of private rental sector lettings stock in the UK is let out by landlords who manage the properties themselves and if they are not fully aware of the impact of measures such Section 13 which will automatically apply to all lets once the overnight switch to periodic assured tenancies is effected – they could suddenly find themselves with an increased administrative burden at best, and on the wrong side of the law at worst.”
A spokesperson for the agency says: “It’s not surprising that many landlords aren’t fully engaged with the changes yet, especially since they are still some months ahead and may still change. However, there is a high level of preparation that can be done now, so that the impact is less overwhelming when it happens, because the legislation will require landlords to adapt quickly – on some matters, overnight – to new legal obligations.
“Lettings agents and industry experts will be more vital than ever in guiding landlords through this complex new landscape. If agents communicate openly with landlord clients, they can help dispel myths and reassure them that when the new rules come into effect, their properties will be in safe hands”.
LSL says it is running support webinars and local landlord events both for its own franchisees and their landlords clients.
This article is taken from Landlord Today