In July, rental prices reached a record high of £705 a month and the average yield reached 5.2 per cent.
However, with increasing costs for rental properties and the rising cost of living, unfortunately, more and more tenants are falling into rental arrears. A recent survey by Consumer Credit Counselling Service (CCCS) showed that 2.9 million people who rent their homes are in rental arrears or are finding it hard to keep up payments. In an uncertain economic climate, this figure is set to rise.
As a result of the above, one of our landlord services that is proving in demand is debt collection as landlords try to get back rent that is owed to them so that they can pay their mortgages.
If you have bad tenants that fail to pay their rent, work closely with a specialist to find a solution – don’t be tempted to handle the situation yourself or go in and try to evict immediately. This may not be necessary and could end up costing you more in the long run. We find that in most cases, our early intervention results in rent being paid and an eviction is not necessary. It’s vital the law is followed to the letter. At Legal 4 Landlords, we have vast experience in recovering unpaid rent and dealing with debtors. We know that attention to detail is key and we’ll always give you the best advice to reach the best solution.
If you have a tenant that doesn’t pay the rent, don’t panic. Call in the experts at the first opportunity and you’ll be surprised how quickly we find a solution for you. Often, a simple letter from one of our in house bailiffs is enough to make the tenant pay up straight away or at the very least, arrange a date to do so.