NLA issue tips for landlords in face of credit crunch

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NLA issue tips for landlords in face of credit crunch

Stricter guidelines are being issued to ensure homeowners who sell up and live as tenants in their properties are not exploited.

The National Landlords Association (NLA) is keen to protect the growing number of cash-strapped homeowners who can no longer afford to pay their mortgages.

The organisation advises landlords looking to capitalise on the trend to adhere to basic principles as part of a code of practice to be published later this month.

Among the measures suggested is greater transparency during the sale so homeowners are aware their beneficial interest in the property will end when the transaction is complete.

It will also be more difficult for landlords to sell the property solely to profit at the expense of the tenant.

In other rental news, an NLA survey found almost three-quarters of landlords are unhappy with current renewal fees charged by letting agents on a let only basis.
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