The Old Cliche - Knowledge is Power rings True
How many times have we heard that knowledge is power? Countless no doubt and now more than ever this rings true in the Private Rented Sector (PRS). Twenty years ago the PRS was not deemed as important as estate agency commercially and also by the consumer. The PRS had a stigma attached to it that only those who could not get on the property ladder would have to rent - the UK was a nation of would be homeowners.
Yet, the recession in 2009/2010 changed this perception, driven predominantly by Supply V Demand, repossession and the lack of housing stock. Not only has the demand for rental property increased, the Letting Sector became an industry in its own right and Letting agencies and lettings departments played a key role in the property sector.
CYBER RISK ASSOCIATED WITH PROPERTY PROFESSIONALS
Not a day goes by without cyber security being in the press in one way shape or form. Cyber and Cyber Crime claims are now making up more than 50% of all claims in the insurance market and property professionals are by no means immune, yet the complacency around cyber liability insurance remains staggeringly high.
Cyber Liability is an area where firms feel they are unlikely to suffer an attack, and therefore choose to bear the consequences themselves should an incident arise. They believe their systems are rock solid or they are too small or of little interest to cyber criminals to justify the expense.
No business is 100% protected against cyber-crime. Cyber criminals are now more sophisticated than ever before and inclined to go after smaller more vulnerable businesses which they see as low hanging fruit compared with more complex larger companies who may have better security systems in place and take more time to penetrate.
Property Specialist recognised in New Year’s Honours List
Kate Faulkner has been recognised for her work with the Home Buying and Selling Group and The Lettings Council and overall for her ‘services to the property industry’. Kate and co founder of the Lettings Council, Theresa Wallace of Savills managed to do something that had been missing in the property sector, the letting sector that is and that is to bring professional bodies, letting agents and suppliers together. The Lettings Council has created a forum and a platform for change that unifies the industry rather divides the sector.
Kate’s response to the honour was “I feel a bit like I’ve been given the award for ‘top goal scorer’ – which you only get thanks to everyone that has supported you and in the HBSG’s case that’s an awful lot of very committed people that have worked tirelessly over the years together.,” she says.
Congratulations Kate, well deserved.
A Technical Consultation & the Renters Reform Bill
On the 7th December 2022, the Government announced there will be a technical consultation on the consequential amendments to homelessness legislation as a result of the Renters Reform Bill, namely, the removal of section 21 evictions, assured shorthold tenancies and fixed-term tenancies.
The consultation will close at 11:45pm on 25 January 2023 and provides anyone with a vested interest to put forward their opinions on the provisions that have set out in the Renters Reform Bill.
For those who remain unaware, the Renters Reform Bill will be the vehicle for the abolition of Section 21 and will signify one of the most notable shifts in Landlord & Tenant Law since 2004.
Whilst there is a great deal of reference being made to tenants being evicted when they are served with a Section 21, the route to being evicted is a lot more complicated than serving notice. The notice advises the tenant that Vacant Possession is required and that should the tenant fail to vacate, court proceedings could begin to obtain possession. Only if the tenant fails to vacate once a court order is in place, will eviction take place. An clearly, on the basis of the notice served, the eviction would be a ‘no fault’ eviction; no grounds would have been relied upon unlike the section 8 notice.