Property solicitors required for challenging times faced by landlords
The economic downturn affects Britain's landlords as much as anyone, not only through the falling value of their asset but in the growing likelihood of tenants falling behind with rent and the additional demands made by a raft of new legislation, burdens that have seen property solicitors in greater demand.
According to Smartlandlord.co.uk, unemployment among new tenants renting out private property stands at 7.8% representing a rise from 3.1% a year ago. Naturally, many landlords take an understanding approach to such difficulties in an effort to ensure long term tenancy; but equally it is important to consult a property solicitor promptly should the situation deteriorate to ensure that arrears can be recouped.
Property solicitors advise on changes to the law
Furthermore, property solicitors highlight the increased risk of repossession for landlords following changes to the way in which housing benefits are paid. Previously the local housing allowance (LHA) benefit could be paid directly to a landlord while now it goes straight to tenants of whom some pocket the money themselves say the National Landlords Association. Landlords keen to establish their rights in such a situation are increasingly turning to property solicitors for advice.
Property solicitors are also being called on to advise landlords regarding various other new laws they are required to keep abreast of including rules on gas meter inspections, energy performance certificates, home information packs should a property be put on the market and the incoming requirement to be licensed through a government register. Property solicitors warn of the importance of meeting such obligations if landlords wish to avoid receiving a fine.
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