The DIY landlord
Increased regulations and legislation,
together with greater expectations from
renters, mean that there are
consequences if landlords don't comply.
Just as you wouldn't invest hundreds of
thousands of pounds in the stock market
without an experienced fund manager, a
rental portfolio similarly needs
professional management. A managed
service will help protect your investment.
Managed service
High-quality renters, be they
professionals or students, couples or
sharers, are the holy grail for landlords.
With renters demanding more from their
landlords, a managed service will take the
strain by offering, for example,
emergency repairs and key-holding
services.
MANY TENANTS INSIST
ON A MANAGED
PROPERTY AND ARE
OFTEN PREPARED TO
PAY A PREMIUM.
Foxtons managed landlords have a
dedicated Property Management Team,
with benefits including expert compliance
advice, proactive credit control and
property inspections.
PROFESSIONALISATION
OF THE RENTED SECTOR
GLOSSARY KEY TERMS AND LEGAL REQUIREMENTS
HOUSE IN MULTIPLE OCCUPANCY (HMO)
Any property (house or flat) occupied by
three or more people comprising two or
more households who share facilities (kitchen,
bathroom and/or toilet) and occupy the
property as their only or main residence.
HOW TO RENT
This guide is for tenants and landlords in
the private rented sector to help
understand their rights and responsibilities.
It provides a checklist and more detailed
information on each stage of the process.
PRESCRIBED INFORMATION
Information relating to a tenancy, which
landlords are legally obliged to provide to
tenants. Tenants must be served with the
Prescribed Information within 30 days of
receipt of the deposit.
ELECTRICAL INSTALLATION CONDITION
REPORT (EICR)
Verifies that a property is safe for tenants,
and should be completed by a qualified
electrician. It is a legal requirement for all
new tenancies and fixed-term renewals.
EPC
Measures the energy efficiency of a
property using a scale of A-G. It is a legal
requirement to have a valid EPC before a
property can be marketed.
GAS SAFETY CERTIFICATION
Regulations that require that any gas
appliances in a property need to be
inspected by a gas engineer, who is
certified by the Gas Safe Register, before
tenants move into a property and annually
thereafter.
SECTION 8 NOTICE
Also known as a Notice to Quit. Served
when a tenant has breached their contract
and therefore the landlord has grounds for
possession.
SECTION 21 NOTICE
The legal notice a landlord can give to a
tenant to regain possession of a property.
SMOKE AND CARBON MONOXIDE ALARMS
It is a legal requirement for all rental
properties in England to follow The Smoke
and Carbon Monoxide Alarm (England)
Regulations 2015.
STATUTORY PERIODIC TENANCY
When the fixed term of an Assured or
Assured Shorthold Tenancy comes to an
end but the tenant stays, a periodic
tenancy automatically follows if no
additional contracts are signed. The
tenancy will be on the same basis as the
original agreement.
4 London Lettings Report Winter 2022 | PRS
The Private Rented Sector in London
is both expanding and changing.
New regulations and legislation make the role of the private landlord more
complex and there may be consequences of non-compliance. Here are some
of the key terms landlords need to be familiar with.