MyPropertyPowerTeam
Find your next rated tradesperson
Find a Tenant The Business Pages for Property Investment Current and archived property articles Join in our Property Investment and Landlords Forum and have your say! return to my property power team home page Services for Landlords Buy to Let mortgages and legals Find your next investment Prosper with Property Education Property Investment networking opportunities
articles > Ignorance!
Articles > Ignorance is no defence!

JOIN A LANDLORD ASSOCIATION - It could be the smartest move you ever make!

The media have always helped shape popular opinion, focusing on issues and reporting views and opinion as fact, creating news, moral attitudes and spreading widespread doom & gloom. They have helped generate social & class

stereotypes, moral outrage, celebrity culture and nationalistic mass devotion. No corner of society has escaped and as such social thinking has been developed into a mass mentality. Anyone who dares to think outside the box when it comes to accepted normality tends to inflame social attitudes and is immediately labelled as a risk taker rather than entrepreneur. Mass attitude decides what is acceptable.

  • Media influences public perception. Anyone over a certain age would say the stereotype of a typical landlord varies from the farcical "Rigsby" to the manic "Jerzei Balowski" from TV in the 1970's & 80's.

Broad sheet readers would tell you that landlords were money grabbing misers who forced poor unsuspecting tenants to live in abject poverty whilst they lived a life of luxury. Tabloid readers would say that Landlords were bad tempered violent thugs who were only in it for the money. A stereotype is born. The population in general would not recognise a landlord if they didn’t fit into a typical stereotype, even so many remain sceptical of some deeper ulterior motive for even wanting anything to do with property during the current economic slump.

However, landlords are making news and unfortunately not all of it is good press as more and more fall foul of legal requirements and end up not only in court but all over the front pages of the media, reinforcing the stereotype.

Professional portfolio landlords would be outraged to be thought of acting or behaving in any such stereotypical manner, even when faced with the most difficult of challenges. They have worked against the ingrained prejudices of old to provide good quality housing stock at reasonable returns. They are decent and law abiding businessmen and property is their livelihood.

  • The problem is that the professional landlord only counts for 57% of all residential landlords, according to recent figures from the National Landlords Association.

The reality is that some landlords are just everyday people, having become “accidental” landlords, who for a variety of reasons, own property other than their home and want to let it out in order to meet financial costs with a small income on top for their trouble.

It is not their primary source of income or their passion. It is a potential financial millstone and many face a very steep learning curve if they want to survive the experience, let alone turn a profit.

  • The National Landlords Association (NLA) say that 43% of landlords entered into the residential lettings market by “accident”, either by inheritance of a property or by choosing to let a property they had previously lived in as they could not afford to sell it.

These “accidental “landlords are most likely to end up either severely out of pocket, in court or even prison if they are negligent in their responsibilities toward both their properties and their tenants. Even if a landlord has just one rental property, in the eyes of the law they are subject to the same laws and regulations as the portfolio landlord with fifty or a hundred properties and must make sure every property is compliant with the latest gas and electrical regulations, all the provisions of the various landlord and tenant Acts as well as the safety of furniture and furnishings.


Many “accidental” landlords are inexperienced and are unsure where to turn for advice and are unaware of the consequences if they fail to comply with the myriad of legislation. Many are totally unaware that they require permission from all relevant parties, including the mortgage provider, to be able to let the property in the first place.

  • The NLA estimates that there are now 50 Acts of Parliament and 70 separate sets of regulation affecting landlords with new legislation coming into force all the time.


Help for the hapless is at hand. Joining a local landlord association can be a great benefit to landlords as they offer guidance, help & encouragement along with access to various resources such as training workshops, telephone helplines and they keep members up to date with the latest changes in legislation. This often has some cost implication but can prove invaluable if you suffer a problem.

There is also a wealth of information available via the internet. There are many useful websites that offer advice, guides and information for all landlords. The Department for Communities and Local Government (DCLG) website has a section on renting and letting, Your Move also has useful information for landlords and there is access to a host of resources through mypropertypowerteam.co.uk

REMEMBER IGNORANCE IS NO DEFENCE!

Article supplied by Site Administrator MC

 
 

Bookmark and Share

Access the Business Directory

 

 
© 2018 My Property Power Team | privacy policy | terms & conditions | contact us | advertise |