Risk of Fines for’ Accidental Landlords’
 

Accidental landlords, who are renting out a property to avoid being forced to sell and lose equity are running the risk of being fined by not understanding the legislation that governs them letting a property out.

The sheer quantity and complexity of law effecting landlords may be causing ordinary landlords and even the most experienced buy to let investors to fall foul of the law. An example is the recent case in Cambridgeshire of a buy to let investor compromising an improvement notice.

Paragon Mortgages Managing Director, John Heron, said 'The onus is on the landlord to make sure they comply with all regulations and they are liable if something goes wrong, even if they employ the services of a letting or managing agent. Ignorance of legislation is not a defence.'
Failure to comply with the legal requirements set out for landlords can be punishable with a variety of actions including being forced to stop marketing the property, fines or even imprisonment.

It is also essential that the mortgage provider is aware that the property is being used as a let accommodation.