New research has shown that 7% of UK adults rent out a property to supplement their income. Although doing to provides a steady source of revenue, insurers have warned that many part-time landlords are not following all of the regulations required by the law.
Insurance group LV= has warned that this boom may have unintended consequences, and warns potential landlords that they have a responsibility to ensure rental properties are in a good state of repair and are sufficiently insured.
LV='s findings revealed that over 400,000 landlords do not have the appropriate insurance in place, and 500,000 landlords have not had their rental properties checked by a gas safety engineer in the last twelve months, putting their tenants' safety at risk.
Such shortcomings mean that landlords could face a large bill if one of their clients makes a claim against them, as a result of the condition of the property.
Whether you are landlord or tenant, and need legal advice regarding rental matters, our Preston solicitors can help. Call our team on 01772 88 2888 or email us at firstname.lastname@example.org
Landlord and Tenant Solicitor Preston