Why landlords need to be aware of the changing compliance landscape

The never-ending onslaught of compliance and regulation for residential landlords has continued to grow during the Covid-19 pandemic.

With another raft of compliance rules coming into effect this month, PlanetRent’s free monitoring toolkit is the best solution to keeping on top of emerging regulation.

From tenant’s fees to EPCs and HMO licenses, there is now a whole raft of compliance regulations and best practice guidelines which landlords need to meet, most of which come with a hefty fine if not met, and can sometimes lead to the removal of a landlord’s Section 21 rights (the easy way to get your property back at the end of a tenancy).

PlanetRent empowers landlords, enabling them to control every area of compliance, safety and governance, and it is free!

Overdue Bills

Your business could be at risk if you don’t comply with the following:

Landlords are legally obliged to provide a copy of the property’s Energy Performance Certificate (EPC) to tenants, either during the viewing or before they move in. Failure to provide this comes with a fine of £350.

Under the Immigration Act 2014, if a tenant does not pass the right to rent checks, landlords can be fined up to £3,000 per tenant.

Under the Gas Safety Regulations of 1998, not providing tenants with a copy of the Gas Safe Certificate can lead to an unlimited fine.

Landlords who neglect to renew their Houses of Multiple Occupancy (HMOs) license or fail to send an HMO statement to tenants risk a fine of between £5,000 to £20,000.

PlanetRentOh, and if that was not enough…… a landlord requires systems and procedures to ensure that they have the tenants consent to pass over personal information to contractors and to re-market to them to not fall foul of the General Data Protection Regulations (GDPR) – where fines are up to €20 million.

PlanetRent’s simple compliance dashboard helps you manage compliance across your property portfolio.

Not only does the platform inform you what needs to be renewed (to keep you safe governance-wise), you can throw away the filing cabinet as it will organise what is required for each property in terms of missing, expiring soon or safe documents. Better than that, PlanetRent delivers what needs to served on tenants is automatic, both as part of the lease-up and move-in tenant journeys, and mid tenancy as documents are renewed, and visible 24/7 on the FREE tenant portal that comes with PlanetRent.

PlanetRent isn’t just for DIY landlords. The platform provides a new transparent way of working for landlords who use agents. PlanetRent operates on the principle that you as the landlord should own the big data. Your properties belong to you, so should your data and compliance documents. A landlord then invites the letting agent for each property or gents (if your properties are geographically dispersed), to PlanetRent. This gives your agent access to marketing, deals, compliance and more – thereby raising standards and giving you as a landlord the peace of mind you need.

If you would like to find out more about how PlanetRent can support you and automate parts of the lettings process, please visit our website www.planetrent.co.uk

You can read more about PlanetRent in The Times, Letting Agent Today, LandlordZone and Property Week.

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