David Salusbury, Chairman of the national landlords association, offers advice about the buy-to-let market
readers’
Q&As
David Salusbury
“Landlords with properties in England and Wales must now provide an Energy Performance Certificate.”
What new issues are landlords facing in the current climate?
The turmoil in housing generally at the moment can leave landlords unsure of their market, which may be changing more frequently than usual. However, this does not necessarily mean a problem for landlords, who may benefit from the problems facing the owner-occupied sector and lack of social housing. It is important that landlords keep up to date with their obligations in order to make their properties attractive to tenants. Landlords with properties in England and Wales now have to provide an Energy Performance Certificate (EPC) when they start a new tenancy and tenancy deposit protection rules have been in place for 18 months.
What steps should I be taking?
The most damaging thing for a landlord in any market is void periods. It is important that landlords keep tenants in their properties, so taking care to vet tenants before they move in, and building good relationships once the tenancy is underway, is key.
In the current financial climate landlords should also make sure their mortgage is working for them. This could mean switching to a new deal or talking to their lender if they are getting into difficulties.
There is no substitute for decent advice and joining a landlord association gives you access to plenty of information. One of the NLA’s most popular services is our advice line, which is operated 9-5, Monday to Friday, by a dedicated team of experienced landlords.
What is the NLA? and how does it work?
The NLA is the leading independent national organisation for private residential landlords. It exists to protect and promote the interests of landlords.
With almost 20,000 individual landlords from around the United Kingdom and more than 90 local authority associates, it seeks a fair legislative and regulatory environment for the private-rented sector while aiming to ensure that landlords are aware of their statutory rights and responsibilities towards their tenants.
How is the NLA supporting landlords?
The NLA supports members through its advice line, online reference source, the NLA Landlord Library and other resources such as the Landlord Development Manual and short courses. We put NLA members in touch with services offered by recognised suppliers that help them to manage their tenancies effectively. We also offer some services to members and non-members, such as deals on Energy Performance Certificates, tenant reference checks and access to a mortgage search facility for landlords who are looking to refinance their portfolios. On a wider scale, the NLA seeks to safeguard landlords’ legitimate interests by making their collective voice heard by local and central government and the media.
I’ve been told not to panic. Why not?
Despite what some people might think, the truth is that, overall, the UK’s landlords are not facing a crisis. Indeed, professional landlords, who have bought in the right location, will be benefiting from increased rental demand.
There is no doubt that the credit crunch is forcing all of us to keep a close eye on our finances and this kind of market is not for the faint-hearted or the speculative investor. However, landlords who manage their properties professionally and are looking to the long term could actually benefit in the current climate.
For further information about the NLA, email info@landlords.org.uk
or visit www.landlords.org.uk
Alternatively, call:
020 7840 8900
or visit www.landlords.org.uk
Alternatively, call:
020 7840 8900
