Rented Property – Tenant Default
Buy to Let has becoming increasingly popular. Many people are investing in property and seeing good returns from rental income and capital growth.
Firstly, it is vital all the legal elements are in place. Landlords come in all guises from large businesses with an extensive portfolio to private individuals with a single property.
The starting point for every Landlord is to ensure the paperwork is in order. This can range from pre-tenancy credit checks, inventories and the preparation of tenancy agreements to the correct registration of deposits and monitoring of by the tenant of obligations throughout the tenancy not least of which is timely payment of rent!
A letting agent will often deal with all these matters for you. If you are an experienced Landlord you will probably have an agent. In particular the letting agent can help you comply with the tenancy deposit requirements.
Where a solicitor typically becomes involved is when things go wrong! Remember that letting property is a business and all businesses have risk.
An alarm bell should go off when rent it not paid. It is important that prompt action is taken to protect the landlord’s position. There will be costs. However, in comparison with a month to month loss of income which rapidly mounts up then there is nothing to gain from delay. The Court process which normally has to be followed is not quick and can be frustrating for landlords. Notices have to be served, proceedings issued, a possession order obtained and then enforced. You can be looking at a period of several months before you can get your property back. However it is the only way to move the situation forward.
This is where we can help with specific advice on the problem confronting you and the best way to move matters forward. Involving us as soon as possible is better because damage limitation is critical. If it means issuing court proceedings for possession and arrears we will do this as soon as possible.
We will provide you with fixed fee quotes for each stage of the process so you can manage costs.
Finally, you may find that you have legal expenses insurance cover in place under the insurance for the property or through your letting agent. You should contact the insurer straight away to find out your coverage for this type of claim. Cover is not normally retrospective. You can let the insurer know you wish us to act on your behalf.
If you have a query or would like to book an appointment please get in touch with our team on 01256 320555 or email email@example.com.
Dispute Resolution Partner
Employment & Litigation Paralegal