New legislation means that all private landlords in England now have to check that new tenants have the right to be in the UK before renting a property, although this responsibility can be given to your letting agent as part of a written agreement.
The penalties for ignoring the new legislation are severe. For the first time an agent/landlord breaches the rules, a fine of £1,000 per illegal adult occupier will apply, rising to £3,000 per adult for repeat offenders.
Some landlords, especially those who are new to the experience, understandably wish to use a letting agent simply as a route to market in order to find a tenant. However, whilst a return on investment is one thing, sleeping well at night is quite another! A managed service is not just about chasing late rent, resolving disputes and inventory control.
In an ideal world, once a tenant has been found, it would be good to think that you, as a landlord, can simply sit back and watch your investment deliver the anticipated return on investment without further involvement. Indeed, this is one of the reasons why some letting agents only offer a tenant finding service.
Simple really – or is it?