The National Landlords Association (NLA) has issued a press release reminding landlords of the importance of understanding and meeting their obligations to tenants. They are concerned that an increasing number of inexperienced landlords are entering the buy to let market, many of which
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are unaware of the responsibilities that come with being a landlord.
NLA Research on UK Landlords Recent research carried out by the NLA has revealed that 27% of landlords surveyed have been in the lettings business for five years or less and 14% of them have only started letting properties in the last two years. 21% of landlords surveyed have been running a buy to let business for between six and ten years and 52% are very experienced and have operated their business for more than a decade. The survey also revealed that around 70% of landlords classed themselves as part-time or ‘amateur’.
NLA CEO Comments “These findings tell us that a significant proportion of landlords have only been in business for a relatively short period of time. Even the most seasoned of landlords experience problems, so it is crucial that anyone new to the industry is aware of their obligations and understands that being a landlord involves much more than simply purchasing a property,” says Richard Lambert, CEO of the NLA.
“Landlords should make sure they educate themselves as to what is expected of them, legally and professionally, especially if they plan to manage the properties themselves. Not knowing your obligations as a landlord could result in serious problems, financial as well as legal. A tenant should be safe and comfortable in their home and ignorance is no excuse.”