LANDLORD NEWS AND ADVICE FROM UK'S LARGEST ONLINE LETTING AGENT
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Archive for the ‘Rent Arrears’ Category
Rents in England & Wales have risen 4.2% in the last year (LSL Property Services) Three quarters of Upad tenants spend up to 40% of their monthly income on rent 1 in 3 Upad tenants expect to rent for 5 to 10 years or more With the latest data from LSL Property Services revealing that the average monthly rent in England & Wales has gone up by 4.2% and the cost of renting in the... Read more
There are some worrying statistics being bounced around at the moment. The most concerning being that nearly 100,000 tenants are now in arrears by at least two months: not a good sign for landlords. Hopefully your tenancies are running as smoothly as ever, but it is good to be aware that rent arrears are a growing and significant problem. The official figures from LSL property services are... Read more
The level of property repossession in Britain has held steady in the third quarter of 2011. 9200 properties were repossessed, compared to 9100 in Q2, according to the Council of Mortgage Lenders (CML). In total, over the course of 2011, 27500 properties have been repossessed and that's down on 2010. The CML predicts there will be fewer repossession in 2011 than last year. Considering the... Read more
There's plenty of evidence around that rent arrears are on the increase, but what's more troubling is that we have a feeling that the current economic climate things can only get worse. The National Debtline, a charity dedicated to helping people with money worries, says that enquiries related to rent arrears have rocketed by 84% in the past four years. This certainly tallies with other evidence... Read more
The latest research from LSL shows that rents rose in August by 1.2% but so did the number of tenants with rental arrears owed to landlords. The increase in rental arrears, and the total amount of money owed to landlords is staggering. LSL estimate that 10.7% of all rent was late or unpaid in the month of August 2011. The total amount of unpaid rent in August was an estimated £300m, up... Read more
A husband and wife duo have launched a tenant database, aimed at sorting the good from the bad especially with regards to rental arrears. The Hendersons decided to start up this database in response to the horror stories they have heard over the years. The couple themselves not been without troubles over their 15 year lettings history. The figures recently released by LSL Property Services... Read more
If your tenant is made redundant, that doesn’t necessarily mean you’re doomed. But forethought and communication can mean that your rental business isn’t at immediate risk. Will you even know if your tenant is made redundant? As a landlord, ask yourself this: will you be the last to know? If you think you’ll find out that your tenant is redundant only when a rent payment is missed,... Read more
If you’re a landlord, it’s almost inevitable that at some point you will face the inconvenience of rent arrears. And if you are a landlord for any number of years, or have multiple properties, then those chances are multiplied. So, from day one as a landlord, make sure that you are ready and have plans in place and the information to hand to deal with arrears. In the worst case scenario, rent... Read more
I have lost money on the last LHA tenancies I’ve taken on. I just served Sec 8 on the last one who owes me £1800 and I’m not confident of any recovery. Local Authority seems always to side with tenant so I’m not going to take on any more. Do you have have any tips on creating & managing successful LHA tenancies? To fully answer this question would take at least a few hours. However, our... Read more
Landlord Action founder, Paul Shamplina, will be featuring on ITV Tonight Programme, ‘Nightmare Tenants’, tonight (Thursday 26th August) at 7.30pm. Mr Shamplina will be exposing rogue tenants and showing live cases, where desperate landlords are owed thousands of pounds in unpaid rent by rogue tenants. The programme is a stark warning to landlords about the dangers of letting their... Read more
Realistically, what are your options if your tenant does a runner leaving the property in a poor state and owing rent? In a perfect world, landlords will have completed thorough due diligence on the tenant prior to the start of the tenancy. Using a reputable tenant referencing company to obtain a report on your tenant is a must. It is also important to gather key documents prior to the... Read more