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Osbourne Pinner’s Take on Landlords Considering Property Sales in 2024

lawadmin
By lawadmin

Osbourne Pinner, a prominent law firm in London, has reacted to a recent Alan Boswell Landlord Insurance Statistics survey indicating that 25% of landlords may sell their properties in 2024.

The survey reveals that a slight majority (52%) of landlords intend to maintain their existing property portfolios, while 26% plan to sell more than they buy, and 22% aim to expand in the next year.

2023 has been a pivotal year for the industry, marked by the introduction of the Renters Reform Bill in Parliament. This Bill proposes the abolition of assured shorthold tenancies and section 21 ‘no fault’ evictions, replacing them with monthly periodic assured tenancies with indefinite terms. It also includes measures to enhance repossession grounds, particularly for issues like anti-social behaviour and rent arrears.

Following its second reading in October, the Bill is advancing towards enactment.

Santosh Kumar, Senior Housing Solicitor at Osbourne Pinner, remarked: “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.”

Based in Piccadilly Circus and Harrow, Osbourne Pinner recently introduced its Landlord and Tenant service, quickly attracting a wide range of clients. The firm offers bespoke landlord services, covering all aspects of tenancy management, from the tenant’s move-in to their departure.

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.”

Learn more about Osbourne Pinner here.

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