1 in 5 Landlords did not feel confident when they started

According to Direct Line- Business research, one in five individual and multi-property owners felt unprepared when they started renting properties.

Of those who did not feel prepared the most common areas in which they felt they lacked knowledge were the writing of leases (59%), eviction rights (51%), and public liability (49%), and security deposits of the tenant (49%).

Eviction rights (27%) and property damage management (23%) are the top current homeowner concerns, closely followed by changes in welfare regulation (18%).

“It is a very worrying matter.”

Jamie Chaplin, Direct Line – Business owner business manager, said: “It is worrying that so many homeowners do not feel prepared before renting a property, and even more concerning that many are not concerned with improving their level of knowledge of legal issues and compliance.”

But there are signs of optimism. Many landlords are taking steps to improve their knowledge and learning through experience, as evidenced by the majority who have improved their understanding of crucial issues such as tenant security deposits, rental agreements, property damage property, and obtaining good rental returns.

“One thing they do have to keep in mind, however, is the importance of protection, which can minimize some of the risks associated with a lack of legal knowledge and experience.”

These knowledge gaps have persisted for many.

Nearly one in three homeowners (28%) say they are not concerned about filling these knowledge gaps or seeking legal experience.

However, one in three homeowners has personal concerns about legal compliance and regulation.

Some are taking steps to improve their knowledge by seeking advice online (38%), contacting their insurance company (26%), contacting a real estate expert or consultant (25%), and seeking legal advice (25%).

Becoming a landlord is not an easy task.

Landlord work has seen an increase in difficulty in recent years, reaching its most challenging stage today with the coronavirus pandemic. Today, UK landlords are going through a tough time. In its eagerness to protect the common citizen, the government of the United Kingdom has launched several schemes that, although they have softened the economic impact of COVID19, have considerably deteriorated the quality of life of landlords.

However, there is still hope on the horizon. After the first quarter of 2021, all the schemes launched by the government to combat the impact of COVID-19 are expected to be lifted. This would allow landlords to evict tenants who do not comply with their leases.

Although all this depends mostly on how the UK government can control the reappearance of cases that have forced the government to dictate a new period of confinement.

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