A lack of understanding and awareness are key drivers of stress among landlords and renters during tenancy changeovers, according to Tenant Shop.
Despite the private rental sector (PRS) now accounting for around 20% of all households, there is relatively little advice for landlords and tenants on the logistics and financial impact of moving home, Tenant Shop say.
The company, who specialise in giving renters advice and guidance, are now calling for more to be done to make the moving process smoother for landlords and tenants.
They are urging letting agents to provide tenants and landlords with more guidance in light of tighter regulation that has made the lettings system more complicated.
Glenn Seddington, managing director of Tenant Shop said it was vital tenants and landlords understand their rights and obligations under new legislation, such as the Tenant Fees Act and Right to Rent, to avoid tripping over red tape and finding themselves on the wrong side of the law.
“If both sides of the transaction are aware of what is required of them from the outset, this can help to make things run more smoothly and speed up the moving process,” Seddington said.
“Landlords will also want to make sure that as a new tenancy starts, the previous one is tied up and signed off, paving the way for a smooth changeover with no unpaid bills or charges outstanding.”
The financial pressure of moving can increase stress for tenants, especially if they are having to find a deposit for a new property before receiving their existing one back. Seddington suggests agents can help to minimise stress for tenants by providing them with access to products such as deposit replacement schemes and new referencing options.
He adds that it’s also important to have the technology and systems in place to manage changeovers efficiently.
“Not only will this reduce the chance of human error and provide consumers with a more succinct service, but it will also allow letting agents to spend more time growing other parts of their business,” he says.