Changes in legislation have left landlords needing more help and advice, a survey has revealed.
More than three-quarters of landlords surveyed by Paragon had a significant requirement for advice with the figure rising to 89 per cent for those owning more than 11 properties.
Recent changes to legislation and tax have fuelled landlords’ desire for more help and advice, with 46 per cent saying they were finding it difficult to keep up with changes
Almost all (90 per cent) of those surveyed said that they believe taxes and regulation, coupled with the need to check the immigration status of their tenants, will make being a landlord tougher in the coming months.
Of those surveyed, 54 per cent predict that additional licensing will hit them hardest with 49 per cent being concerned about Council Tax.
John Heron, Director of Mortgages at Paragon, said: “It’s interesting to note that although many of the landlords surveyed were greatly experienced, having owned buy-to-let properties for a considerable time, there is still a need across the board for information, help and advice.
“Of course the buy-to-let landscape never stays the same, and new regulations affect professional landlords just as much as they do those who are relative newcomers to the market.
“Paragon would always advise our customers, experienced or otherwise, to do their homework before they commit to buy a rental property – research the market, the area and also their obligations as landlords.
“Buy-to-let isn’t a short-term investment – many of our customers have been landlords for more than two decades, and see their portfolios as an alternative to a pension when they retire.
“We would always advise landlords to join membership organisations such as the National Landlords Association, which provides a wealth of information, support and advice for new and existing landlords on running a successful rental portfolio, as well as local support groups.”
- If you are a landlord and need advice with legal matters call PM Law solicitors in Sheffield on 0114 296 5444