No matter which industry you work within, chances are that you will have certain regulations, rules and standards that need to be adhered to. The property asset management industry is no different.
Seeing as the main role of property management companies is to manage properties, they are taking control and responsibility for the homes that people live in. So, being able to understand and follow these industry standards is a must.
To help to ensure that we understand these key standards, let’s take a look at some of them and how they may have changed over the years.
Tenancy Fees Act
For some time now, tenants have been charged a variety of fees both when they first take up their property agreement, then also through the years. On the 1st June 2020, the Tenancy Fees Act abolished those tenancy fees. Including those that relate to referencing, starting a tenancy, tenancy checks and ending the tenancy too.
Minimum Room Sizes
During October 2018, a new law came into effect. This looked at Houses of Multiple Occupancy and established that a single adult room in these properties has to be over 6.51sqm. This then increases to 10.22sqm if more than one adult lives there.
GDPR is a regulation that covers data and data protection across all industries. It is there to ensure that the data that is held by companies relating to their customers, clients and staff is properly handled and taken care of. It is vital that every single industry understands this regulation and works within it too.
New Section 21
When you want to evict a tenant from a property, you used to have to refer them to Section 21. However, this has changed and now it is known as Section 6A. This Section has now made it much harder to evict tenants, even if they are in the wrong. It is vital that correct paperwork has been served at the start and throughout the tenancy too.
Client Money Protection
If you take money from a tenant or resident of a property, then you need to be signed up to the Client Money Protection Scheme. This scheme is there to ensure that the money held by agents (usually relating to deposits) is protected. Especially in the case that the agency goes into administration or it is found that they are trying to misuse funds.
Fitness for Human Habitation Act
Within this particular act, it is important that all landlords (whether they are private or social landlords) are taking charge of the properties that they own. They need to ensure that the property, including any common or shared areas, are fit for human habitation. Not only at the start of the tenancy, but also throughout the life of the tenancy too.
Energy Efficiency Standards
Energy efficiency is key for any properties and rental properties are no different. In April 2018, the Minimum Energy Efficiency Standards came into force, which meant that any rental property has to be at least rated as an E within their EPC, a reflection on how energy efficient they are.
You can always trust that a high-quality property management company is going to focus their work within these standards. Making sure that your property is well looked after, as well as the residents that live there.
Lime Property Management aims to deliver a service that provides value to its clients and tenants alike. If you are in need of block management for your properties, then why not get in contact with Lime today on 0208 125 4071.