How did TLIC come about?

Following the dramatic number of changes to letting rules and regulations and the resulting implementation issues in an essentially unregulated market, Theresa Wallace from Savills (UK) Ltd, created and co-founded this group alongside Kate Faulkner, MD of the independent property education site Propertychecklists.co.uk.

Who's involved?

The group comprises lettings experts from across the industry, professional bodies and schemes, service providers for both landlords and tenants, and representatives from both large and small lettings agents. Government advisors also proactively attend their meetings enabling two-way feedback on current issues.

Members are united by their desire to help standards rise across lettings and this wide group represents the views of all parties in the PRS.

Improving standards across the industry

The group are in the best position to offer advice regarding what is feasible and works best for the industry.

Using their extensive lettings experience and group collaboration they can feed into the Government, MHCLG, tenant bodies and journalists with ‘one voice’ both knowledgeably and accurately when any new comments, reports or legislation are ‘in work’ and / or are published.   They are the key providers of accurate and up-to-date data and supporting evidence.

They want to share their knowledge to inform and educate the sector ultimately providing benefits to the consumer.

Outcomes to date

They have reviewed both the problems caused by existing regulations and the issues with poor quality statistics.

They are reviewing new letting regulations to determine practical solutions with the aim of keeping further legislative changes to a minimum.

Going forward they hope to have the opportunity to review proposed legislation and make practical consumer led suggestions before any implementation.

They’ve produced a:

  • free eBook to guide prospective renters through the letting journey. The eBook covers the 183 pieces of information landlords and tenants need to understand, this can be viewed here.

  • Property MOT checklist along with guidance notes with the view to this becoming a legislative requirement for any let property. If this is adopted, this initiative has the potential to replace some licensing schemes.

  • a report on licensing

  • draft PRS regulation template along with the many considerations required for the regulation of property agents.

  • research paper commissioned to highlight the issues with the proposed abolition of Section 21 Notices.

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