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Finally things are looking up for landlords as rental prices have gone up, taking cue from the recent RICS survey. However all is not good as some tenants face financial pressures leading to increased rents.
The UK’s leading representative body for private-residential landlords, the National Landlords Association (NLA), in their research found that nearly three quarters of landlords are experiencing rental arrears. A dismal 43 per cent of these occurred in the last 12 months.
Luckily all’s not lost. The NLA Rent Guarantee Insurance allows a way for us to minimise the risk that occurs due to loss of rent. Legal expenses and a 24-hour advisory service are also provided if other problems arise. Landlords can now relax with the NLA Rent Guarantee Insurance as it gives some much needed piece of mind.
Redundancy and unemployment among some tenants is making them struggle with the payment of rents but nevertheless there is a need to safeguard rental income.
Even as the insurance has come as a ray of hope, as landlords we need to take full references and make checks at the outset of a tenancy. Keeping in touch with your tenants will enable them be upfront when they face difficulties and you can make arrangements before rental arrears become more serious.
