100% of landlords who self-manage were non-compliant, according to recent research that we undertook this year. In some cases, landlords exposed themselves to prosecution and fines. Other risks included making their insurance invalid, which in the event of a claim due to serious damage such as a fire, could mean insurers would not pay out; and that could be the value of the property in some cases. Other risks left landlords open to difficulties enforcing tenancies and when giving notice. Our research found the following issues:

• Not adhering to the Private Tenancies Act
• Not protecting deposits
• Inadequate fire detection equipment (note new rules for 2024)
• Not issuing required documentation
• Not operating a sufficient inspection schedule
• Inadequate tenancies and condition reports
• No landlord or property registration

Many landlords were saving themselves just a few hundred pounds a year, yet that saving could cost them dearly; much much more. If you have an issue with a tenant and do not have all your ducks in a row, then you could well experience difficulties getting them out. Of most concern were those landlords who through not adhering to fire or H&S legislation, or not conducting sufficient inspections, may not be able to claim from their insurance when they need to. More and more insurers are making compliance and proper management conditions of their policies, and you can bet that will be on the list of things to check when the loss adjuster comes calling. 

Here at Key One Property, the cost of our annual management is often well below the cost of getting it wrong. Our charges are amongst the most competitive in greater Belfast and as a small business we do not charge VAT, saving our client-landlords 20%. 

Give us a call or pop us an email if you want to have a chat. No cost, no obligation and no pressure: Contact us