Both buy to let and traditional landlords – along with their tenants – are to benefit from a new guide which aims to improve compliancy with consumer protection law.
Published by the Competition and Markets Authority (CMA) – the body that took on the duties of the now-defunct Office of Fair Trading (OFT) – the guide was deemed necessary after an OFT report last year which highlighted numerous unsatisfactory landlord practices.
Surprise fees and charges, bad service and slow or poor repairs were some of the highlighted issues.
The guide will help landlords comply with consumer and business regulations.
How the law should be applied and which problems should be tackled first has been decided in unison by the CMA and trading standards officials. The ultimate aim is to ensue more landlords comply with regulations and to improve the way the market functions.
The CMA guide offers advice to landlords such as:
- Make fees and charges transparent
- Avoid misleading advertising or statements
- Ensure the tenant has all the information they need
- Provide transparent deposit and guarantor requirements
- Give tenants clear terms and conditions
- Carry out repairs in a timely manner and to a reasonable quality level
- Make it clear how a tenancy can be brought to an end
The guide is aimed at landlords operating in all parts of the UK.
Nisha Arora, the CMA’s senior director for consumers, said: “This guidance will help lettings professionals understand how to comply with the law and should ultimately improve overall standards in the market.”
Perhaps you’re one of our let property insurance customers with a view on this new guide. Do you think it will help improve practices among landlords?