Yahoo Finance ‘One-stop shop’ to help landlords manage their role and finances
A new “one-stop shop” to help landlords manage their properties in one place has been launched by Nationwide Building Society.
The Landlord Works aims to help improve rental standards across the UK by offering access to education and support, the society said.
Nationwide said the English Private Landlords Survey, published in 2019, found nearly two-thirds (63%) of landlords believe the industry had changed for the worse, predominantly due to increases in regulation, legislation and tax.
On Monday, estate and letting agents body Propertymark claimed that landlords are being asked to carry too much of the financial burden caused by the coronavirus pandemic.
The Landlord Works provides free resources for landlords who are both members and non-members of Nationwide.
The private rented sector is in dire need of reform, but to get there, landlords need to be given every ounce of support
Sara Bennison, Nationwide Building Society
It will help landlords manage and keep track of their properties and finances, regardless of size and who they have their mortgage with, to help them understand their legal obligations towards their tenants, Nationwide said.
Free downloadable content will include a checklist for starting a new tenancy and an “A to Z guide” providing tips and insights for those starting out.
There will also be a tool to help landlords manage important documents, such as gas safety certificates, electrical inspections and energy performance certificates.
Landlords will also be able to use a property data tool to estimate how much their property is worth and potential levels of income.
And they will be able to connect multiple bank accounts to their profile, Nationwide said. These do not have to be Nationwide accounts.
Landlords will also be able to get discounted access to a self-assessment tax tool.
Nationwide said the service will complement the work of its buy-to-let mortgage lender the Mortgage Works.
Sara Bennison, Nationwide’s chief product and marketing officer, said: “The private rented sector is in dire need of reform, but to get there, landlords need to be given every ounce of support.
“Today, being a landlord is more complex than ever, and we want to make managing property more straightforward for both landlords and tenants, by giving support where it is needed.
“We hope the launch of the Landlord Works gives landlords the opportunity and ability to manage their finances and properties in one place and understand their commitments to their tenants. We hope over time that the Landlord Works becomes the go to place for UK landlords for help, support and guidance.
“As a mutual we are committed to improving the housing system and the private rented sector is a major part of that, particularly today.”
