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Buy to let may be in danger of becoming a legal minefield warns mortgage chief
A mortgage chief has spelled out what many in the rental sector already know – that the new laws, rules and restraints introduced in recent weeks risk turning the buy to let sector into a legal minefield.
Andrew Turner, director of the commercialtrust.co.uk mortgage broker firm, says that buy to let has become an important part of the national economy and fulfils a genuine social need given the shortage of housing stock and the growth in households privately renting.
However, he insists that many of the recent law changes, including revisions of Section 21 evictions, threatened restrictions on landlord tax breaks, possible new mortgage constraints plus extra health and safety requirements – have had little publicity.
“Landlords already face a great deal of uncertainty from tax changes, the threat of mortgage regulation (both at home and from abroad) and a flurry of policymaking. It is vital that policymakers do everything in their power to ensure that all information on changes is as clear and widely available as possible” says Turner.
“The new regulations make it more important than ever for landlords to keep on top of their obligations and keep a record of all of their documentation, as well as each and every repair request they receive and the steps they take to fulfil them.
“If they delegate any aspect of their management, it is essential that they make their [letting] agent aware of the new rules and that the agent keeps the same level and detail of documentation so that they do not inadvertently fall foul of the law” he says.
