Property investors are turning their backs on lettings agents and solely managing their own property. In October 2006, landlords will be obliged to join a custodial or insurance based scheme. The gist of the Tenancy Deposit Scheme legislation is to protect tenants from unscrupulous landlords that retain their deposit, even after they have vacated the property. Regardless of the benefits afforded to tenants, landlords are still concerned about future legislation, the administration that it will entail and their curtailed role of managers of their property.
Without a doubt the legislation is in the interest of consumers, but in an industry where one of the stakeholders can easily become alienated by excessive red tape, government should endeavour to find a middle ground, where both landlord and tenant are protected and have honest business relations. |
