Managing a buy to let property yourself is a big decision and for many it is dependent on where they live in relation to their rental property. How much time a landlord can dedicate to it is also a major factor – both in terms of managing the property and the time needed to keep abreast of the changing legislation.
It is also the price you put on that time, as some landlords will simply choose to self-manage to save costs on management fees. It may that as most landlords only have one or two rental properties, the perception is that the demands won’t be great, but the regulations are the same for a landlord who owns a single property or those who have multiple-property portfolios.
It is acknowledged by many that it is getting increasingly challenging to self-manage.
Well over a hundred pieces of legislation now govern the private rented sector and the penalties for non-compliance are tough. Not adhering to legislation can make the difference between regaining possession of your property or not, but also facing the penalties of non-compliance which can mean fines of up to £30,000 with right to rent check misdemeanours carrying a five-year prison sentence.
To help navigate the PRS, Pennington introduced a suite of ‘Pick and Mix’ services tailored specifically for landlords who prefer to self-manage, but who may be interested in support on some aspects of the letting process.
From property marketing and carrying out viewings, to conducting right to rent checks and getting everything in order for the tenant to take on a property through to leaving the property. We offer a regular or ad-hoc inspection service and can arrange for any maintenance or repair work to be completed by our trusted contractors, to keep your asset in the best condition.
To find out more call us on 01394 337590 or email the letting management team on info@pennington-online.co.uk
As the year comes to an end it is always time for reflection and 2022 has brought its fair share to reflect upon. Another year of changing legislation for those in the private rented sector to keep abreast of. A time of uncertainty in the economic climate and a shifting...
Read More
Fraudulent applications for rental property are always a risk, but at times of economic uncertainty and with the situation we have where demand for property is far outstripping supply, cases of fraud tend to increase. What can you do to make sure you are not at risk of tenant’s making...
Read More
A deposit is paid by a tenant at the time of moving in to protect the landlord and their rental property against damage, for any additional cleaning that is required or to cover rent arrears. At the time of the tenant moving on, a decision is made on what deposit...
Read More
The Right to Rent is a key part of legislation for the private rented sector as a critical responsibility for any landlord or letting agent is to ensure that the process from the tenant’s initial application to the move-in and beyond, is all carried out correctly and lawfully. This process...
Read More
45 Woodbridge Road East
Ipswich, Suffolk, IP4 5QN
Ipswich: 01473 214343
Woodbridge: 01394 337590
© Pennington 2023
© Pennington 2022