29 Dec

Many landlords fail to follow regulations

Many landlords fail to follow regulations

One in 20 people across the UK are part-time landlords, but many are failing to follow the legal regulations, according to new research.

A study conducted by LV= landlord insurance discovered around 500,000 landlords have not had their rental properties checked by a gas safety engineer over the past year - even though this could mean they are at risk of being prosecuted or fined up to £20,000.

The research found the average part-time landlord receives an average £678 in rent per month - amounting to £28 billion each year across the whole of the UK.

Not surprisingly, landlords with properties in London and the South East enjoyed the highest average rental income of £1,079 and £816.

The average landlord spent 60 per cent of this income on house loans, management fees and various maintenance costs.

It was discovered many people had opted to become landlords because they wanted to move to a new home and had taken the option of renting out their old property.

A total of 55 per cent of those renting out properties admitted that they never intended to become a landlord.

The study also found that 49 per cent of part-time landlords opt not to have a management agency involved in the process and therefore risk not having the correct experience to meet all the legal requirements.

"Renting out a property can be a great way to cover your costs if you are unable to sell or want to hold on to a home and make some extra money from it, but it is not without risk," said John O'Roarke, managing director of LV= landlord insurance.

"Landlords not only need cover for any damage to their property but they also need to think about their tenants and how they will house them if the property becomes uninhabitable, as well as the lost rental income," he explained.

"If you are thinking of renting out a property you should check the current regulations for letting properties in your area and make sure you have the right cover in place," he added.ADNFCR-1222-ID-801767837-ADNFCR

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