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Transferring the ownership of your property to a relative?

11 Sep 2020

Sorry landlords, there’s another piece of legislation you need to be aware of… and this one has the potential to land you with a hefty fine.

In a nutshell, when the ownership of a property changes, it’s essential that the tenant must be informed with a Section 3 Notice. This is the new landlords responsibility and it must be served within 2 months of purchasing the freehold or the next rent due date.

Landlords, you could be fined £2,500 if you don’t serve this notice.

But don’t worry; here’s where we step in. If we manage your rental property, then we can serve tenants a Section 3 notice on your behalf to take the worry off your shoulders. 

If you were to ask your solicitor to prepare a Section 3 Notice to give to your tenant then their costs would be significantly higher than ours. In fact, we don’t charge you any extra.

Our team are clued up with all lettings legislation and we have a professional template that we send out to tenants when this situation arises. We will arrange everything as part of your normal management fees. 

Having any Section 3 Notices taken care of is just one of the perks of using a letting agent to manage your rental properties. Call our team on 01482 562562 to find out more about our property management service.

Further reading:

Landlords FAQs - money matters and landlord responsibilities

What do I need to know to let out a property?

A complete guide to section 21 compliance

How we simplify the lettings process for landlords

Posted By

Spencer Wood

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