Being a landlord in this day and age isn’t just about handing over the keys to a property and collecting rent. With more than 200 pieces of legislation governing rental properties in the UK, staying compliant is more complex than ever. From PEP checks to sanction screenings, the legal landscape is constantly evolving. So, what does that mean for you?
Northwood North East Operations Director Matt Pullinger answers some of the most pressing questions landlords are asking.
Q: Can I manage my rental property myself?
A: Technically, yes. But the real question is – can you manage it well while staying compliant? With legislation covering everything from electrical safety to anti-money laundering checks (such as PEP and sanction screenings), self-management can quickly become overwhelming. That’s where professional support makes all the difference.
Q: What are PEP and sanction checks, and why do they matter?
A: these checks are part of anti-money laundering regulations.
- PEP (Politically Exposed Person) checks individuals who may pose a higher risk due to their poitical status.
- Sanction Checks ensure that tenants or landlords aren’t listed in international sanctions lists.
If you’re letting a property, especially through an agent, these checks are legally required to protect your reputation and reputation.
Q: I have a rental property but don’t know the legislation. What should I do?
A: You’re not alone. Many landlords aren’t aware of the full scope of legal requirements. That’s why Northwood North East offers expert guidance to help landlords stay up to date. Whether it’s new regulations or changes to existing ones, we keep our landlords informed and protected.
Q: Is my property compliant?
A: This is a question every landlord should ask regularly. Northwood offers a Property Compliance MOT service to answer exactly that. You can choose to have your property checked:
- Once a year
- At the point of letting
- While searching for a tenant
This ensures your property meets all legal standards and gives you peace of mind.
Q: I own a property in Banchory or Deeside. Is there demand for leasing?
A: Absolutely! We currently have a growing waiting list of tenants actively looking for three and 4-bedroom homes in the area. If you’re considering letting your property, now is a fantastic time to start.
Q: How can Northwood North East help me?
A: We’re more than just a letting agent – we are your compliance partner. From marketing your property to conducting thorough checks and keeping you informed of legislative changes, we handle the hard work, so you don’t have to.
Q: What if I don’t have the time to manage my rental properties?
A: At Northwood, we can take full responsibility for your property and tenant relationship, either through our Fully Managed service, or through our Guaranteed Rent service, under which we pay a guaranteed amount to you for a contracted period of your choosing, in most instances one year. Under the agreement, we take on all exposure and risk associated with tenant deposit protection, whether there is a tenant or not. Why not ask us about our Instant Rent service where we offer a three-year contract of Guaranteed Rent from day 1!
Ready to take the next step?
Whether you’re a seasoned landlord or just starting out, Northwood North East is here to help. Contact us today on 01330 700772, or [email protected] to book your Property Compliance MOT or to discuss letting your property in Banchory and Deeside.
