Landlords are being reminded they face fines of up to £7,000 if they fail to send one key document to tenants this week.
By Sunday May 31, landlords must give existing tenants, either by email or via hard copy, the government’s new information sheet explaining how the Renters Rights Act affects their tenancy;
Any tenants with verbal agreements also need their arrangements formalised by the same date.
Elliot Castle, chief executive of Castle Property Group, says: ”Larger landlords with big portfolios will probably have made arrangements to sort out these administrative tasks weeks ago, but some smaller landlords who manage properties alongside other careers may not yet have got to grips with new responsibilities.”
Failure to comply with the new rules set out in the Renters Rights Act may mean a penalty of up to £7,000 or £40,000 depending on the nature of the rule-break.
But while Castle insists the rule changes “are there to make positive changes in the industry” he warns that it’s “an incredibly tough time for smaller landlords as they get to grips with significant hikes in both costs and complexity.”
This article is taken from Landlord Today