As more UK consumers find difficulty in obtaining mortgages, many are now opting to rent.  With social housing waiting lists limited, a tenancy in the social residential sector can take years to come to fruition with little if no choice of which property will be offered.  Many people have now turned to the private sector to secure decent accommodation in an area of their choosing.

Because of the unstability of the economy, unemployment and job requirements resulting in relocation, more and more people find renting a property practical and flexible.

The stigma associated to renting as being the ‘poor relative’ when compared to the housebuyer has long gone and instead has been replaced as a popular and intelligent option.  With government legislation focusing on the private tenant’s protection and security, it’s never been a better time to rent.

Reasons to Rent

• No committment to mortgage lenders.
• No house repairs/maintenance.
• Flexibility with areas and regions.
• No worry or stress related to interest rates.
• Government benefits and help towards rent.
• No building insurance.
• Not being tied down, the knowledge that you can serve your notice and move.

“  Although the bulk of the enquiries we receive are from landlords, we get a lot of people asking advice about becoming a tenant.  Most enquiries are about tenancy agreements.  Tenants who are new to renting tend to be concerned about the length of an AST.  There is a misconception that landlords are likely to evict tenants at the end of a tenancy term.  Obviously we allay these fears.  If a landlord is happy with a tenant, he/she will want that tenant to stay and the tenancy will just continue.  We know landlords that have had the same tenant for decades,”  said Steve Moss from Legal 4 Landlords.  “When a tenanted house is sold, it adds to the value of a sale and the new owner inherits the tenant”.

By
Madalena Penny