Today, debt is a huge problem for one in six UK adults, and for the nation’s two million landlords, tenants who fall into debt and fail to pay their rent on time, or even at all, is one of their biggest nightmares.
According to National Statistics over 153,500 landlords, in England and Wales alone, looked to the county courts to get their property back from tenants in 2016, 35% of these court orders result in repossessions by county court bailiffs.
These numbers suggest, with over 4.3 million private rented properties in England and Wales, that for every 100 landlords, almost four of them will have found themselves at risk of having to wait on average 42 weeks before they get their property back.
Jonathan Daines CEO of lettingaproperty.com, comments: “The figures are clearly very worrying and compounding this problem is the retrieval of lost rent and the time it takes to do so by landlords, who perhapsdidn’t ever anticipate tenant problems and as such, don’t have sufﬁcient insurance cover in place to protect their rental income.”
Although some insurance and landlord insurance policies include buildings and contents, liability cover, emergency assistance and legal cover, it doesn’t necessarily mean they will pay out if a tenant falls into arrears. And, with millions of pounds being lost in 2016 due to inadequate cover, landlords clearly need greater guidance on rent arrears, eviction costs and importantly how to avoid such costly mistakes.
Jonathan adds: “It’s well worth landlords doing their homework and checking their existing policy or switching to a new one, such as our own ‘Rent on Time’ service as it can be a costly, painful and stressful mistake if a tenant suddenly falls into arrears leaving the landlord to pick up the pieces.
“For a small fee, we collect and guarantee rent payments as well as paying your rent on time every time.”
For more information about LettingaProperty.com’s ‘Rent on Time’ package for landlords, go to:
— LandlordZONE (@LandlordZONE) March 3, 2017