Landlord Voice Magazine August 2015 - Hull | Page 18

“buy-to-let is a business,
not a sideline”
A

report released last year by
mortgage lender Paragon
found that two million
landlords now own and rent out five
million properties in the UK and that
the private rented sector is now its
second-largest housing tenure.
And with mortgage lending rates at
an all-time low it is easy to see why so
many opt for buy-to-let – either as a
humble nest egg during their twilight
years or as a full-on capital growth
business venture.
But what so many fail to realise
before they take the plunge is that once
you have invested in just one buy-to-let
you now own a business with all the
accompanying responsibilities – it’s
not just a question of buying a house,
sticking some tenants in it and waiting
for the cash to roll in.
This is what motivated ex-TV
Producer Vanessa Warwick and
her husband Nick Tadd to set up
Property Tribes – an online forum
and resource centre dedicated to the
sharing of knowledge and promoting
best practice within the private-rented
sector.

“There is so no such thing as an
amateur landlord,” said Vanessa. “Even
thinking that you are is irresponsible
and could open you or your tenants up
to risk.
“The contract between tenant and
landlord means both sides have to
adhere to regulations in order that it is
a safe relationship for both parties.
“No one, not even a lettings agent
on a fully managed service, can divest a
landlord of their legal responsibilities.
The buck stops with you.”
“If you take it to the worst case
scenario, if you are a landlord and
do not provide a safe and compliant
home you could end up experiencing
a tenant dying because, for example,
you do not complete your gas safety
checks.”
Ex-TV presenter and producer
Vanessa and husband Nick Tadd were
attracted to buy-to-let as an alternative
to the 14-hour days they were both
putting into their jobs and bought their
first rental property in 2004. They now
own 20 – mainly in London and the
south-east.
Vanessa said: “We went on a
two-day property seminar and really
immersed ourselves in learning and
networking before we bought.
“The biggest mistake people make
is that they do not understand they
are a landlord and h ]