How will the new ombudsman scheme and property portal affect landlords operating in England? Is this just more admin and costs, or does it actually help with problem tenants?
Quick Answer
New regulations will mandate landlord membership in an ombudsman scheme and property portal registration in England, adding compliance and cost. This primarily offers tenant dispute resolution rather than addressing issues with problem tenants.
What You Can Do Next
- Monitor official government announcements: Regularly check gov.uk for updates on the Renters' Rights Bill, the ombudsman scheme, and the property portal's implementation timeline and specific requirements.
- Review your current tenancy agreements and property management processes: Ensure they are robust and leave minimal room for tenant complaints that could escalate to the ombudsman. Check property standards against current guidance, as this forms the basis of many complaints.
- Budget for new operational costs: Allocate funds for anticipated ombudsman membership fees and property portal registration fees. While not yet finalised, consider a contingency of £100-£200 per property per year for these new compliance costs.
- Seek professional advice: Consult a property solicitor or a property tax specialist accountant (search 'property tax accountant' on ICAEW.com) to understand the full legal and financial implications for your portfolio once detailed legislation is published.
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