Why Regulatory Compliance Is The Biggest Headache For Thanet Landlords (And How To Overcome It)
17/05/2024 362
Why Regulatory Compliance is the Biggest Headache for Thanet Landlords (And How to Overcome It) | Cooke & Co

Why Regulatory Compliance is the Biggest Headache for Thanet Landlords (And How to Overcome It)

One issue, above all else, causes landlords sleepless nights. Can you guess what it is?

Could it be maintenance and repairs? Or maybe it’s worrying about the rent being paid on time?

If you answered one of the above, thanks for playing, but you’re mistaken.

The biggest challenge landlords currently face is abiding by government regulations.

In a recent survey, 67.5% of landlords said complying with red tape was their most significant hurdle. This figure was up from 39% the year before, a clear indication of growing concern about the issue.

And when you think about it, is it any wonder?

There are more than 175 acts and regulations covering the private rental sector. These rules touch on everything from safety checks and managing deposits to energy performance ratings and inspections.

Failure to comply can result in fines, court appearances and, in extreme cases, jail. In some circumstances, non-compliance can also be grounds for rejecting an application to evict a tenant.

How Can Landlords Manage This Challenge?

So, how can landlords manage this challenge and protect themselves and their investments? Here are some tips to help landlords stay on the right side of the law.

Do Your Homework

If you get something wrong, saying you didn’t know or understand the law just won’t cut it with the authorities. Educate yourself. Familiarize yourself with the key regulations affecting your rental properties.

Have Systems in Place

Don’t freestyle it when it comes to annual gas or electricity checks, repairs and maintenance. Keep a schedule so you don’t miss any critical deadlines. A structured approach helps in ensuring all mandatory checks and maintenance tasks are completed on time.

Be Organised

If you end up in a dispute, you’ll need evidence to support your side of the story. Be thorough with your paper trail and, ideally, store records electronically. An organised documentation system can save you time and stress in the long run.

Stay Up to Date

As well as understanding the current regulatory landscape, landlords must follow developments in the private rental sector in case new rules are introduced. Regularly check for updates on laws and regulations to ensure ongoing compliance.

Seek Professional Help

An experienced letting agent will understand the rules and regulations inside out and be able to guide and advise landlords through the maze of red tape. They’ll also manage maintenance, safety checks, and tenancies, reducing the burden on you.

Isn’t it time you entrusted the management of your investment to a professional?

If you’d like to learn more about what we can do to help you, contact Cooke & Co Estate and Letting Agents today.

Source: 2023 Property Redress Landlord Sentiment Survey, involving 2,700 landlords.

Landlord up at night
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About Cooke & Co

Cooke & Co, a liked and respected estate agency trading since 1992, is conveniently situated in the picturesque seaside district of Thanet. We proudly operate from our local offices in the region's primary towns, namely Margate, Broadstairs, and Ramsgate. Additionally, our extensive reach encompasses the charming areas of Westbrook, Westgate, Birchington, Monkton, Manston, and Minster. Our presence in these diverse locales enables us to offer an enriched understanding and comprehensive service to the property market in these prime coastal towns and villages.

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Visit our main website at www.cookeandco.com or contact us via email at enquiry@cookeandco.com. If you would like a free instant valuation of your home, then visit our free instant valuation site.

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