By Sali Brown
Chelton Brown
IF you manage your own rental property you should be aware the 1 June is fast approaching.
Over the last 30 years, since I started Chelton Brown, there have been over 150 new pieces of legislation introduced that have impacted on both the landlords and agents.
One of the latest to be introduced is the deposit cap. From 1 June it will be breach of the new regulation if you take a deposit equivalent to more than five weeks rent from a tenant in a new tenancy whether it is a brand-new tenancy or a renewal.
The penalty for a breach of this new legislation is £5,000 for the first breach and £30,000 for any subsequent breach.
This is just one of a number of new pieces of legislation being introduced on 1 June, so don’t be caught out. It has been suggested that councils may well employ enforcement officers to check on landlords to make sure they are complying. It has been implied that local authorities will receive the revenue collected from penalty fees for breaches of this new legislation, which could turn out to be a considerable amount.
Chelton Brown’s service covers all aspects of residential property; from lettings and management to sales and buy-to-let investments.
The lettings division manages over 1,500 properties throughout the county, ranging from studio apartments to seven-bedroom listed mansions. The firm is proud of its very high standards of quality and successfully caters to the needs of a very diverse clientele ranging from first time landlords to professional portfolio landlords and large landowners.
By putting your property in the hands of a reputable agent, you can be sure that you are compliant with property law, including keeping up with any changes to regulations, as and when they happen.
For more details, contact Chelton Brown on 01604 603433 or 01327 879431 or visit the website www.cheltonbrown.co.uk