Top 5 Lettings Schoolboy Errors

Benedict Nicholls

08/01/2021
08:17

As agents, we see the same mistakes time and time again, when taking on new properties from both self-managing landlords and other agents. We have created this video to highlight the top 5 schoolboy errors that we see, so that you don’t repeat them.

Video Timestamps – Table of Contents:
0:00 – Intro

0:38 – Error 1, Not Creating A Proper Tenancy
1:57 – Error 2, Incorrectly Protecting a Deposit
2:28 – Error 3, Not Renewing a Licence in Time
3:44 – Error 4, Using Old Templates, Documents or Forms
4:13 – Error 5, HMOs, Not having a legal and compliant HMO Board
5:56 – We can help and support you to achieve a passive solution

Lettings and property management is complicated enough, without making schoolboy errors!

As agents, we see the same mistakes time and time again, when taking on new properties from both self-managing landlords and other agents. Simple mistakes that are easily corrected, yet if they aren’t, can cost a fortune!

For example - missing your licence renewal will render all rent paid to you null and void and your tenants can take you to court to recover £10,000s of rent… we see this happening weekly, even for landlords with agents, as the landlord is ultimately liable.

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Keeping on top of compliance is a full time job and not something that should be taken lightly. Some of the steps you can take to ensure you practice due diligence are:

If you are working with an agent, quiz them on their methods and practices for covering and ensuring compliance.
If you are a self-managing landlord, join a good community where you can ask questions and learn from others.

Not knowing the rules may land you with a hefty fine, or worse, someone may end up getting hurt. If you would like to know more or would like some help with: