Paresh Raja, CEO at MFS said: “The legislation and regulation governing the UK’s rental market is constantly evolving, and today’s research clearly shows that landlords are struggling to keep pace with the change.
“From HMO regulations to the abolition of Section 21, these are significant reforms that, for the most part, are rightly designed to protect tenants.
“Nevertheless, there’s evidently frustration among landlords who feel they are being unfairly targeted, particularly when it comes to the stricter taxes being introduced.
“It’s essential that anyone renting out a property — even if they would not consider themselves a landlord — understands all the new reforms and takes action to ensure their properties meet the necessary standards and their finances are structured in line with the new reforms.”
And Tom Cardwell (Director CD Fairfield) believes that Landlord Debt Advisory has the knowledge and expertise to help troubled landlords.
“There are a number of different problems that landlords in distress would come to us with. The three key ones would be mortgage arrears and mainly these clients would have interest only loans of course.
“Secondly is negative equity. And thirdly very short terms on the end of their loans.
“We prefer if a client came to us as quickly as possible if they have an issue. Prevention is better than cure.
“They think that other landlords are not in their position. It is something that they would not talk about openly. And we find when landlords speak to us they get some relief by talking to someone who understands the issues and has assisted 100s of people in similar positions.
“Our process would involve an initial chat with the client on the phone. If we think we can help we’ll then offer them a case review, where we can conduct some detailed research into their specific case and advise them accordingly.
“We will then put together a pack and meet the client again to discuss their options. We will discuss everything from a restructuring through to disposal and settlement, enabling them then to make an informed decision.
“Landlord Debt Advisory is unique because we are the only company of our type with all of the regulated options under one roof.
“So regardless of the required outcome of the landlord we are available to provide that advice and service.
“The key to the most favourable outcome is early action. If a landlord has a problem in the immediacy, or it is something they have been struggling with for a length of time, then the early the options are assessed generally the greater the choice.
“There are so many issues affecting landlords in 2019. There are the immediate headaches of Section 24 taxation, PRA lending rule changes, Section 21, rental arrears etc and then the longer term issues like interest only terms ending, interest rates rising and negative equity.
“The main thing is that they address that they take action and speak to a regulated advisor as soon as possible,” said Cardwell.
Speak to us today if you have any questions and to see how Landlord Debt Advisory can help on 0161 222 4311.