A new report comments on how these ‘accidental landlords’ are impacting upon the private rented sector, (PRS).
Three concerns were raised:
1. Some landlords may have little knowledge or understanding of their legal responsibilities – or their tenants’ rights.
2. Insecure properties – accidental landlords tend not to have long term rental plans, meaning that their properties are reliant upon the landlords’ personal circumstances. In addition, 29% of properties in the private rental sector are in disrepair. This is more common with accidental landlords.
3. Availability of housing stock – the report suggests that up to 30% of rental properties are provided by accidental landlords. That means that a high proportion of landlords may not be fully aware of the laws on letting and could be flouting them, albeit unintentionally.
Report author Kate Faulkner says: “Due to the impact that 'accidental landlords' can have on the PRS, this report considers the definition of accidental landlords and why a landlord who isn't wholly focused on making money from property may end up being potentially more likely to let one that is substandard and 'accidentally' treat tenants unfairly.”
In addition, Faulkner’s report suggests that anyone taking out a buy-to-let mortgage should be better informed of their responsibilities and rights, including tax liabilities and budgeting for maintenance and repairs.
She adds: “The problem with accidental landlords is that as they don't do this as a business they may well not have any way of keeping up to date with changes in rules and regulations. As a result, continuing to simply introduce new legislation to solve the issues around disrepair or tenant security of tenure may have little impact on this sector of the market. A concentrated effort to tackle better education and briefing of accidental landlords may actually be one of the key ways to improving standards in the PRS.”
“At JTM Homes, we work with professional and accidental landlords,” says Jason Dyer, the north London agency’s founder. “We always make sure that our landlords and our tenants are fully informed.”
He adds: “Every successful tenancy relies upon an arrangement where both landlords and tenants are satisfied with the agreement reached. Our landlord guide makes sure that anyone offering a property to rent. Plus, our specialist letting team is available to answer any queries.”
Whether you are a professional or an accidental landlord, talk to JTM Homes. We’ll find the right tenant for you and you can choose between a ‘lettings only’, ‘letting & rent collection’ and our ‘full management’ services. Whichever service you choose, you are assured of our expert input and outstanding customer service.
To find out more, talk to our dedicated lettings team. We’re here to help.