Rent arrears are main cause of possessions by landlords
Published ¤ 29/09/2010 12:29:14
47 per cent of possessions by landlords are due to tenants not paying their rent, according to research published by the National Landlords Association (NLA).
It follows recent data released by the NLA showing a fifth of private-residential landlords had tenants in rent arrears during Q2 2010.
Whilst one-third of landlords had never sought to end a tenancy, the survey found 23.3 percent had because of anti-social behavior by tenants.
Landlords reported in 57 per cent of possession cases the tenants took less than three months to move out, while 81 per cent of cases were resolved within five months.
David Salusbury, Chairman, NLA, commenting on the research results, said "Gaining possession can be very costly for landlords, especially when it is related to rental arrears. Many landlords have mortgages to pay on top of the expense of gaining possession. One-third of landlords have reported paying between £250 and £1,000 to have tenants removed. This amount is often compounded by late rent payments."
PKS, an independent insurance broker in Odiham, Hampshire, is now offering rental insurance and lega expenses cover, to cover unpaid rent from tenants, and to help with cost of possession when required.
The Rent Guarantee insurace covers up to £2,500 per month for unpaid rental income if the tenant falls into arrears, whilst the Legal Expenses cover provides up to £10,000 in costs for eviction proceedings and/or recovering of dilapidation losses.
If you are a landlord, and concerned about protecting your rental income, then call PKS on the number above to discuss your options.
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