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As a landlord (whether renting out your own property or letting a property you have purchased for that purpose) you have many legally enforceable duties and responsibilities which cannot be avoided.
Provided you fulfil all those duties and responsibilities as set out in the terms of the tenancy agreement, the tenant will have no grounds on which to sue you. When it comes to ‘rights’ and ‘responsibilities’ many landlords feel that the tenant has many more of the former and hardly any of the latter compared to them.
It is true that additional legal obligations have been added to a landlord’s burden, from checking a tenant’s immigration status to keeping up with legislation concerning gas safety and the installation of carbon monoxide alarms. Landlords who must register with local authority licencing schemes have costs and duties to register and respond to anti-social behaviour and face severe penalties if they do not carry out these additional obligations.
Despite these factors, becoming a landlord remains an attractive investment proposition and an appealing investment strategy for many people, but it remains a very demanding role, even if you use the services of a lettings agent.
If you are thinking of becoming a landlord, talk to Access Legal first to avoid problems by drafting and maintaining all key documentation and making sure you do not expose yourself to any risk.