Know Your Client - All about the Landlord

The private rented sector has evolved dramatically and as the industry has embraced technological innovations, systems and processes to ensure that all the necessary compliance is adhered to on behalf of landlords, yet there is one glaring problem that is not always properly addressed - identifying and verifying the legal owner the rental property.

Over the last 12 months we have conducted lettings audits which consist of a 40 point check list, some of which relate specifically to the property owner. Identifying the legal owner is of paramount importance, not just at the point of an audit, but more so when a landlord instructs an agent to act on their behalf.

Knowing the legal owner of a property is essential not only because letting out a property holds significant responsibilities and obligations, but also because the Due Diligence of ensuring who the legal owner is will avoid many serious disputes, in particular, fraud.