Last Updated on: 11th December 2023, 06:24 pm
Leading London law firm Osbourne Pinner has issued a response following a survey by Alan Boswell Landlord Insurance Statistics, which suggests that a quarter of landlords are considering property sales in 2024.
According to the survey, 52% of landlords plan to keep their portfolios unchanged, 26% are leaning towards selling more properties than purchasing, and 22% are looking to grow their portfolio next year.
The spotlight has been on the property industry in 2023 due to the introduction of the Renters Reform Bill to Parliament. This legislation aims to eliminate assured shorthold tenancies and section 21 ‘no fault’ evictions, replacing them with monthly periodic assured tenancies without a set end date. The Bill also plans to strengthen grounds for repossession, particularly in cases of anti-social behaviour or accumulated rent arrears.
After its second reading in October, the Bill is now closer to becoming a legal statute.
Osbourne Pinner’s Senior Housing Solicitor, Santosh Kumar, stated: “With tougher legislation such as the Renters Reform Bill currently on the agenda, as well as unpredictable inflation rates, landlords appear to be thinking twice about whether the industry is as lucrative as it once was.
“The Alan Boswell survey showed that tenant conflicts are also high on the list of landlords’ biggest concerns, so working with a trusted legal partner is recommended to deal with conflicts as and when they occur.
“As the legislation landlords have to comply with is changing, having an expert legal team on your side is crucial to protecting your investment. We view our clients’ properties as if they’re our own, whether they are renters or landlords looking for a future investment or a source of income.”
Osbourne Pinner, which operates from Piccadilly Circus and Harrow, launched its Landlord and Tenant service earlier this year, quickly building a significant clientele. The service provides landlords with tailored advice and support, including assistance with rental agreements from commencement to termination.
Santosh added: “Our specialist tenant dispute solicitors know how to protect tenants’ rights and ensure they get what they deserve. When your landlord takes legal action against you, we’ll help and advise you about your rights and the potential legal costs. Additionally, we can assist you with tenant disputes over assured shorthold tenancies, deposit disputes and property repair claims.
“We work as an integral member of your commercial property team and our approach is straightforward and clear, limiting the financial impact of disagreements. We will advise and assist you throughout the landlord and tenant dispute, explaining your rights, alternatives, and likely outcomes.”
Further details about Osbourne Pinner are accessible here.