The Kendall Bailey Playbook – Chapter 4
As professionals in the property management sector, it’s crucial to stay informed about the latest regulations that impact your investments and operations. The importance of compliance cannot be overstated. With the potential risk of a £40,000 fine and the possibility of legal disputes, ensuring your properties meet HMO standards is not just advisable — it’s essential!
Pre on-boarding as a Kendall Bailey Landlord, we found 42% of Landlords are non-compliant in one or more areas of mandatory legislation! Explore the below top tips and actions to ensure you aren’t one of them!
Why Compliance is Critical?
Financial Penalties: Non-compliance with HMO regulations can result in hefty fines up to £40,000. This significant financial burden can be easily avoided by adhering to legal requirements.
Legal Disputes: Failing to comply with HMO standards can lead to legal battles, tarnishing your reputation and causing undue stress. Legal disputes can also be costly and time-consuming; the average fine in 2023 for non-compliance was over £2,500 with over 300 HMOs in UK being fined!
Tenant Safety: Compliance ensures the safety and well-being of your Tenants. Proper licensing and adherence to safety standards protect them from potential hazards and provide a secure living environment. Council Hot Topic – Ensure your Fire Doors are up to code!
Property Value: Maintaining HMO standards can positively impact your property’s value and make it more attractive to potential Tenants, ensuring higher occupancy rates and rental income.
Kendall Bailey Landlords enjoy confidence that their properties are fully compliant however it is always good to be informed as the property owner.
Click here for some useful reading on HMO Regulations.
Key HMO Compliance Requirements
Licensing: Ensure your HMO is properly licensed with your local council. Licensing requirements can vary, so check specific regulations in your area. Follow the links above for regulations and Article 4 requirements.
Safety Standards: Meet all fire safety standards, including proper fire alarms and escape routes. Regularly inspect electrical appliances and gas safety. Most common violations include: Fire safety regulations at 35% and not keeping up with Maintenance and Repairs at 25%!
Space and Amenity Standards: Ensure each tenant has adequate living space and access to necessary amenities, such as bathrooms and kitchens.
Management: Maintain the property to a high standard, addressing repairs and issues promptly. Keep records of all safety inspections and certifications. Did you know that the exterior of the property is just as important as the interior? Ensure your windows and exterior are well-maintained to avoid scrutiny from your local council!
Steps to Ensure Compliance
Audit Your Property: Conduct a thorough audit to identify any areas where your property may not meet HMO standards.
Consult Experts: Engage with HMO compliance experts or property management consultants to get professional advice and support. Pre on-boarding as a Kendall Bailey Landlord 42% of Landlords are non-compliant in one or more areas of mandatory legislations!
Regular Inspections: Schedule regular inspections to ensure ongoing compliance and address any issues immediately. Be regular but fair. Tenants have a “Right to quiet living” so don’t be checking 24/7. Ensuring you have the right Tenants in your property can often give you the extra peace of mind.
Stay Updated: Keep abreast of any changes in HMO regulations to ensure continuous compliance. Even if you currently use a property management agency your property’s compliance is still YOUR responsibility and you carry the liability should it fall short of regulations. Better to be safe than suffer unexpected fines!
Talk to us regarding everything from Article 4 through to the required fridge space your property needs for the number of Tenants you have!
WE WANT COMPLIANCE!
Gain total peace of mind that your property is full compliant to all the current regulations! As previously mentioned we have found over 42% of Landlords prior to on-boarding with us are non-complaint in one or more areas of mandatory legislation. We aim to get this down to 0% as quickly as possible. Let us help!
Request a FREE COMPLIANCE HEALTH CHECK!
Compliance Health Check
We recognise that some Landlords really enjoy managing their properties and for some, it is even a hobby.
We are still here to help.