Around 8 out of 10 landlords need more information to run their finances and businesses, according to research by Paragon Mortgages.
Almost half (46%) confessed they were struggling to keep up with changes in the law
The way housing benefit will be paid due to the government’s welfare overhaul is a real concern for another 43%
Only 10% of landlords feel that recent tax and law changes will not make running a property letting business more difficult in the coming year.
Their main concerns include:
• The impact of additional licensing imposed by local authorities (54%)
• Paying capital gains tax (53%)
• Paying council tax when letting properties do not have tenants (49%)
"It's interesting to note that although many landlords we spoke to were greatly experienced, there is still a need for information, help and advice. New regulations affect professional landlords just as much as they do those who are relative newcomers to the market,” said a Paragon spokesman.
"Customers, experienced or otherwise, should do their homework before they commit to buy a rental property - research the market, the area and also their obligations as landlords.
"Buy-to-let isn't a short-term investment - many of our customers have been landlords for more than two decades, and see their portfolios as an alternative to a pension when they retire.”
Meanwhile, with new laws pushing landlords and letting agents to a more regulated environment, the National Landlords Association (NLA) has announced that all members will be formally accredited by 2020.
The NLA wants all members to complete a foundation course and keep their knowledge up-to-date with refresher courses.
The NLA has around 6,000 members paying subscriptions of about £99 a year out of an estimated total of 1.4 million landlords in the UK.
Carolyn Uphill, the NLA’s deputy chairman, said: “NLA membership should be synonymous with landlord professionalism and accreditation is a significant factor in helping us achieve this. To have all our members accredited is an ambitious target but realistic in the lead time provided.
“By demonstrating a level of competence represented by accreditation, members will be able to set themselves apart through evidence of their commitment to quality and standards.”
