Regulation & Legislation
The lettings industry is continually becoming more and more regulated, this is not a problem for the good guys (like us!). It will over time drive the “others” out of our market place. So we welcome this tightening and imposing of standards as we already work to higher standards to those being imposed on the industry.
Below we have listed some of the regulatory issues you need to comply with:
- Taxation – Declaring income to HMRC & paying any tax due on profits made. Note the changes proposed by the summer Finance Bill 2015.
- Provision of an Energy Performance Certificate
- Compliance with Gas Safety (installation and use) Regulations 1998
- Compliance with The Furniture & Furnishing (Fire) (Safety) Regulations 1988 and Amendment Regulation 1993.
- Electrical Equipment (Safety) Regulations 1994
- Ensure all contract terms in your tenancy agreement are fair and reasonable in line with Consumer Contracts Regulations 1999
- Ensure furnished properties meet the General Product Safety Regulation 1995
- Any rent deposit is bonded in one of the government recognised Schemes
- To comply with the “Right to Rent” Immigration regulations
- To comply with The Deregulation Act 2015
- The undertaking of a Legionella and general risk assessment and implement any corrective actions in a timely manner
- From 1st October 2015 it is mandatory for smoke alarms to be fitted on every floor level and carbon monoxide (CO) Alarms to be fitted in all rooms where solid fuel appliances/ open fires places (ornamental or not) are present
This list is not exhaustive but simply gives you an idea of some of what legal needs to be considered