Landlords' expertise crucial for renters |
23 2008 |
| Landlords have today been urged by a well-known specialist lender to maintain best practice amidst the current popularity of the rental market. Demand is on the up as falling house prices and sales generally make buying an unattractive proposition at present, particularly as mortgage providers are imposing stricter conditions for lending. With the current climate in mind - and in a move which will strike a chord with many young tenants - Paragon has emphasised the importance of landlords' expertise and adherence to renting regulations. Managing director John Heron said: "Casual landlords need to ensure they do their sums properly, account for all costs and know the laws and legislation around renting property. "A number of new reforms have been introduced in recent years, such as tenancy deposit protection (TDP) and licensing for homes in multiple occupation (HMO), and not complying with these could leave landlords seriously out of pocket." Paragon recently announced a 40 per cent fall in first-half profits and has cut its mortgage lending by 53 per cent.  |
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