Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.
Landlords Risk £7,000 Fines for Renters’ Rights Act Non-Compliance
A proptech platform has warned that many landlords are unprepared for compliance requirements under the Renters’ Rights Act, with a key deadline at the end of this month. LeaseSafe, a platform launched this month, reports that landlords who fail to provide tenants with the mandatory Information Sheet on the Act before 31 March could face fines of up to £7,000.
LeaseSafe has identified three common compliance errors among landlords: mishandling tenant requests to keep pets, confusion over responsibility for issuing the Information Sheet, and attempts to reissue Section 21 ‘no fault’ eviction notices that are no longer valid under the new framework.
A significant number of landlords reportedly believe that letting agents are responsible for issuing the Information Sheet. However, LeaseSafe states that in most agency arrangements, the legal obligation remains with the landlord, as standard agent terms do not typically cover this new statutory requirement.
The Renters’ Rights Act also introduces new rules regarding pets. Tenants now have strengthened rights to request permission to keep a pet, and landlords are prohibited from charging additional rent for pet ownership.
LeaseSafe offers a compliance prompt service for small portfolio landlords, aiming to help them track and meet statutory requirements. The platform’s launch coincides with ongoing regulatory changes affecting landlord obligations and tenant rights in the UK private rental sector.
Source: PropertyWire