Landlords are highly aware of the forthcoming Renters Rights Act, but most remain unsure about how the changes will work in practice, warns a buy to let lender.
Research undertaken with over 500 landlords by Paragon Bank has revealed that 98% of landlords are aware of the Act, reflecting the scale of political, industry and media attention surrounding the reforms.
However, despite this high level of awareness, typically gained through news coverage, letting agents and landlord associations, understanding of the legislation amongst landlords lags.
Nearly three‑quarters (73%) say they are still unsure about some or most aspects of the Act, while a substantially lower proportion, just over a quarter (26%), believe they fully understand the detail.
Additionally, although three quarters of landlords feel broadly prepared to comply with the new rules, six in 10 acknowledge they will need additional help to do so effectively.
Most commonly, landlords would like clear explanations of how the rules will apply day-to-day, as well as compliance and eviction processes.
There is also strong demand for updates on how the legislation may evolve, guidance on energy efficiency requirements and access to usable templates for tenancy agreements and notices.
Many landlords also see value in having access to expert advice, whether through helplines, training sessions or webinars focused on how to adapt to the new framework.
Paragon has launched a dedicated RRA Hub, offering guides, insight and podcasts.
Commenting on the findings, a Paragon Bank spokesperson says: “ Landlords want to comply and continue providing good quality homes, but achieving this will depend on having clear, consistent and practical guidance.
“A well‑functioning private rented sector depends on regulation that works for both tenants and landlords.
“Ensuring landlords fully understand their responsibilities will be critical to delivering the intended benefits of the reforms, while avoiding unintended consequences such as reduced supply or uncertainty among responsible investors.”
This article is taken from Landlord Today