Doncaster, England -- (SBWIRE) -- 08/26/2015 -- The London Borough of Islington has recently announced that it will be applying penalties for landlords who cannot prove that their property is lived in for a minimum of 14 days out of a three month period. The measure comes after the increased concern about property prices and rental rates in the London area which have reached what some claim are extortionate levels, attracting widespread criticism. Many blame overseas landlords, or even domestic landlords, who purchase properties for investment purposes and fail to provide a rental service for the public in the area.
The implications could be huge if the measures are extended to boroughs outside of Islington, and would send an important message. As the economy heals, many still struggle to make ends meet with the rising cost of rent and mortgages hindering their ability to thrive even further. And it is possible that landlords and tenants alike will want to know where they stand in relation to these new developments.
The Legal Team are regular commentators on industry news. As a team of devoted legal experts with experience in multiple fields including property and commercial law, they were keen to discuss these latest developments, and said: "The fact that there is a chronic housing shortage in the UK cannot be disputed, and these measures may well be rolled out to other boroughs if they prove successful. However, they place yet another burden on the landlord, and make it even more important to stay up to date with developments in property law. We would advise landlords who are unsure of their legal responsibilities, to take advice as the financial penalties can be quite harsh. Our friendly team of experts are always on hand to give high quality information in an accessible and robust manner."
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