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Sir,
Much has been said about the introduction of home information packs in June 2007. Critics have pointed out that they could cause additional unwanted expenses for sellers and distort the market by leading to a surplus of sales before the deadline. The other view is that they could help to boost standards within the industry by reassuring buyers that they are moving into properties of a decent standard.
My point is that although the packs are a useful initiative, they should be applied to a different market. The residential lettings sector has come in for (sometimes justified) criticism of the standard of properties, particularly those in the private rented sector.
Surely the reputation of landlords will be enhanced if tenants know that they are going to get proper heating, safe electrics and damp free homes. How many of your readers have suffered in these conditions? Being a landlord myself – I run a property investment consultancy - I have witnessed a great deal of corner-cutting by so-called “professionals”. At the moment there is in place no legislation that prevents landlords from providing sub-standard accommodation, thereby tarnishing the name of decent landlords and ruining the reputation of the entire industry.
Naturally, some will say that this move will generate higher rents for tenants, as landlords will have to pay up to £1,000 to produce this pack. However, by my calculations the cost of compiling an information pack for rented properties will be a fraction of that proposed for owner-occupiers. Every reputable managing agent already has a property file containing the information and the cost incurred would be merely in presenting this information in a standardised and understandable form. The same file could be transferred to future landlords of the same property, which would give continuity and a full record, together with any warranties of works
carried out.
We cannot let the UK suffer from poor maintenance of housing. This is vital to its ongoing regeneration, its reputation and prospects for future investment.
The residential lettings market is one of the most heavily regulated industries already but much of this regulation lacks co-ordination and focus. Creating an information pack would be the first step.
Yours sincerely,
Terry Kimmitt,
Managing Director,
Interlet North East Ltd
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