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06/05/2009
Property investors advised to be aware of law |
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Those investing in rental property need to stay abreast of changes in the law, as failure to do so could lead to fines, it has been stated.
Smartlandlord.co.uk warned that there have been many such changes to the law recently, such as new rules concerning gas meter inspections, the requirement to have an up-to-date energy performance certificate when a new tenant moves in and the need to have a home information pack in place before a property can be put up for sale.
The portal said this was an important factor in helping landlords take care of their finances during the recession.
Those wishing to keep up with legislation concerning landlords may wish to consult a solicitor to become familiar with their responsibilities.
Sophie Breakwell, a partner in the Residential Property department at William Sturges & Co Solicitors, said: "It is extremely important to make sure that as a landlord you keep informed of all current requirements. The rules and regulations concerning rental properties are always changing and a landlord can find themselves facing a hefty fine if they overlook even a minor point."
She added: "Anyone looking to invest in a rental property should seek advice from a solicitor at an early stage and also request regular up dates from them so as to avoid being caught out."
Such advice came as Andrew Hagger of finance website moneynet.co.uk commented that the buy-to-let sector still offers a good long-term investment, even though the situation is "almost unrecognisable" from that in September 2007.
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