Stopping Rental Arrears – Source: landlords.org.uk For landlords, life may seem as if it's finally getting easier; interest rates are down, and according to a recent RICS survey rents are on the up. But it's not all green shoots; some tenants are still facing financial pressures, which are leading to increased rental arrears.
Stopping Rental Arrears – Research conducted by the National Landlords Association (NLA), the UK's leading representative body for private-residential landlords, reveals nearly three quarters of landlords have experienced rental arrears. Worryingly, 43% of these occurred in the last 12 months. NLA Rent Guarantee Insurance offers a way for landlords to minimise the risk from loss of rent.
Should problems arise during the tenancy, the cover also provides legal expenses and a dedicated 24-hour advisory service. Available to all residential property landlords, NLA Rent Guarantee Insurance offers much needed piece of mind. David Salusbury, Chairman, NLA, commenting on the launch of NLA Rent Guarantee Insurance said: “Landlords may not realise they can protect themselves against rental arrears, but our research clearly shows there is a need to safeguard your rental income. Unfortunately we aren't out the woods with the economy just yet, and thanks to redundancy and unemployment some tenants are struggling to pay their rent.” “While it is wise to take out insurance, landlords should not forget the importance of also taking full references and making checks at the outset of a tenancy.
Keep in touch with your tenants too. If they feel they can come to you if they are facing difficulties, you may be able to come to an arrangement before rental arrears become more serious.”