Renting a nightmare? Help is at hand.

by surf4aproperty on March 9, 2011 in Renting

The world of the private rental sector has many benefits for both landlords and tenants.

For landlords, the PRS provides investment opportunities with profits that far outstrip any returns available from the banks. For tenants, renting provides freedom from long-term debt and a flexibility of life style which is suited to those who are independently minded.

Sadly, the UK rental industry is vulnerable to rogues and criminals. Both landlords and tenants have become the unsuspecting victims of determined fraudsters and criminal gangs. Many potential tenants and landlords are rightfully cautious about taking the step towards renting.

Some may have had a bad experience during a previous rental or have heard or read horror stories about the sector. Unfortunately, when you have an industry that is as buoyant and successful as the private rental sector it does sometime attract the wrong type of clientele.

For landlords, tenant referencing is becoming thee most important form of protection from criminals. Carrying out even the most basic checks on the identity of a potential tenant can save you from serious financial loss and much more.

For instance, over the last five years the number of cannabis farms discovered by the Police has increased nearly ten fold many of which have been on rented property. The damage caused by this activity can be catastrophic and in one case the landlord was left with repairs totalling around £50,000, added to that, was an electricity bill of £20,000. Insurance policies quite often don’t cover that type of claim.

The final insult is that, under the Misuse of drugs Act, landlords can be jailed for up to 14 years and fined for ‘allowing’ the production of controlled drugs on their premises. Remember, this isn’t out of town warehouses, but a menace that takes place in ordinary rented suburban houses.

For tenants, simple steps can be taken in order to avoid falling into the trap of renting from a ‘rogue landlord’. Tougher regulations have ensured that tenants have a number of basic rights under the tenancy agreements which the landlord must adhere to. One of those rights is that, under the law, deposits must be protected.

Criminals and rogues will not offer this type of service, so new tenants are advised to seek out recognised and established online letting agents, letting agents and landlords. By making sure that you rent from a member of one of the industry associations or regulators is another way of protecting your interests.

Listed below are four industry associations which new landlords and tenants need to be aware of. Each has a web site which provides information of their aims and objectives.