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According to UK insurer, LV, part-time landlords are earning billions in rent, but are not reinvesting the money back into their rental properties.
A recent survey by LV has revealed that a large proportion of part-time landlords are failing to meet their legal responsibilities.
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LV says more than half a million part-time landlords have not had gas appliances tested in the last twelve months and many have spent very little on property maintenance, even though the average rental income is £678 per month.
No Choice Landlords
Of course not all landlords actually choose to become landlords. Many end up letting properties because they have no choice. Often it is when a property doesn’t sell and the homeowner is forced to move, but sometimes people rent their homes because they have moved in with a new partner or their job has taken them to a new town or city and they want to keep on to the family home.
Housing Law and Safety Standards
Landlords have to comply with gas and electrical safety standards. They also have to place tenant’s deposits with a tenancy deposit protection scheme.
“Renting out a property can be…a great way to cover your costs if you are unable to sell or want to hold on to a home and make some extra money from it, but it is not without risk,” says John O’Roarke from LV.
