Stricter Regulations for Landlords and Tenants
Regulations of Landlords and Tenants Are Set To Become More Strict
A recent Conservative Party conference announced plans to develop the regulation of tenants and landlords, with the aim to improve the way that disputes are managed and resolved. Quicker and fairer decisions are expected to be one of the positive results of the plans.
All landlords in the private rented sector will have to become members of one of the three existing redress schemes that agents currently have to join. This will be either in their own right or through a letting agent.
The announcement also states that agents will have to be qualified and regulated.
Sajid Javid, Secretary of State for Communities and Local Government expresses that the plans are being implemented to improve regulation of the sector, ensuring better protection of tenants and landlords.
There have been too many occurrences in which tenants and landlords have been awfully extorted by incompetent letting agents.
Daniel Dowling, Technical and Compliance Director at Property Specialist Leaders said: “there has been case after shocking case of agents misusing tenant’s deposits, failing to pay rent over to landlords, ignoring regulations and often disappearing with thousands of pounds worth of clients’ money, never to be seen again”.
However, there has also been problems in which the landlords are to blame, as it has been known for landlords to exploit tenants, an immoral act which hopefully will be prevented from future occurrence once the new regulation plans are implemented.
This was a seemingly positive and productive conference of the Conservative Party because these plans, if implemented properly, will bring much needed protection to the industry and prevent such unjust acts of immorality which result in innocent parties experiencing large, unfair detriment.
Detailed proposals are set to be brought forward in the early stages of 2018.