Some of our buyers have shared their concerns that the Renters Right Act might affect thie profitability.  Heres what we say...

Possible Concern 1) Higher compliance costs - Meeting updated standards can involve property upgrades and ongoing checks.

• Readylet’s Answer – Our properties have a full refurbishment before your purchase them, to ensure that this property is to a minimum of the Durham Decent Homes Standard  and also to the current Selective licensing conditions (durham.gov.uk) and as part of the sale we will also provide a warranty to cover any snagging issues on these items free of charge within your first 6 months of ownership.

Possible Concern 2) Extended arrears periods - Longer eviction timelines can result in months of unpaid rent.

• Readylet’s Answer – We source suitable tenants for the properties, either local tenants who are fully referenced and affordability checked and suitable for a 'Which Best Buy' Insurance Backed Rental Guarantee Scheme which covers up to 15 months rental cover, plus up to three months rental cover following eviction at 75% of monthly rent OR Government Backed Tenants from Relocate whose rent is paid direct to the management agent by the government so all rent will be received.

Possible Concern 3) Increased legal expenses - More complex processes may require additional legal support.

• Readylet’s Answer – We source suitable tenants for the properties, either local tenants who are fully referenced and affordability checked and suitable for a 'Which Best Buy' Insurance Backed Rental Guarantee Scheme which covers Full Landlord legal expenses up to £100,000 (including eviction costs if evicting due to rent arrears)  this can be used in conjunction with Landlord Legal Expenses Insurance which covers £100,000 legal expenses cover (including eviction costs).

Possible Concern 4) More administrative work - Managing tenancies under new regulations can take more time and effort

• Readylet’s Answer – We set you up with a trusted local letting agency who will manage all of this for you, and they charge 10%+VAT per month and have not increased their costs.

Are there any concerns we have missed?  Please let us know as we are here to help!

We are happy to correspond by email to info@readylet.co.uk, but it’s always good to talk!

01483 663001

We look forward to speaking with you soon!

Please note that our office opening hours are Mon – Fri, 9am– 5pm.