Legal knowledge ‘needed for new renters’
Inexperienced landlords must ensure they have up-to-date legal knowledge of the legal issues affecting trade in the private-rented sector, an expert has said.
Steven Hilton, media relations manager at the National Landlords Association (NLA), said the current housing market could lead to problems as new landlords only take a short-term view to letting their properties.
Renting could be a consideration at present for wealthy earners looking to take advantage of high rental demand through buy-to-let mortgages, or for professionals who have struggled to sell a home in the current market but wish to make money from it in the meantime.
The Royal Institution of Chartered Surveyors' residential letting survey for October 2008 also noted that would-be home sellers are biding their time in the market, rather than selling up at distressed prices.
According to the NLA, amateur landlords should consider where they stand on issues like energy performance certificates, insurance, tenancy deposit protection and permission from their bank or building society for letting out their property.
"The NLA advises any 'reluctant landlords' to seek information and advice from a respectable source before delving into the private-rented sector," Mr Hilton said.
Mortgages for Professionals provides expert mortgage advice for high earning professionals on over 30,000 mortgage types.
Steven Hilton, media relations manager at the National Landlords Association (NLA), said the current housing market could lead to problems as new landlords only take a short-term view to letting their properties.
Renting could be a consideration at present for wealthy earners looking to take advantage of high rental demand through buy-to-let mortgages, or for professionals who have struggled to sell a home in the current market but wish to make money from it in the meantime.
The Royal Institution of Chartered Surveyors' residential letting survey for October 2008 also noted that would-be home sellers are biding their time in the market, rather than selling up at distressed prices.
According to the NLA, amateur landlords should consider where they stand on issues like energy performance certificates, insurance, tenancy deposit protection and permission from their bank or building society for letting out their property.
"The NLA advises any 'reluctant landlords' to seek information and advice from a respectable source before delving into the private-rented sector," Mr Hilton said.
Mortgages for Professionals provides expert mortgage advice for high earning professionals on over 30,000 mortgage types.
